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Money Arnaud Lagardère finally reveals his heavy personal debt

13:40  13 august  2020
13:40  13 august  2020 Source:   pressfrom.com

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Arnaud Lagardère and his wife Jade Foret, a Belgian supermodel, at the Cannes Film Festival © Valery Hache/AFP/Getty. Mr Lagardère ’s large personal debts — and his reliance on the dividend received by LC&M to service these debts — mean that he may have different incentives from other

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Arnaud Lagardère révèle enfin sa lourde dette personnelle © Renaud Khanh / ABACA Arnaud Lagardère finally reveals his heavy personal debt INFO CAPITAL. The manager of the Lagardère group had not published the accounts of his holding since 2009, although it is a legal obligation. He has finally published them, revealing in passing a debt of 215 million euros at the end of 2019.

Arnaud Lagardère finally decides to obey the law which requires the publication of company accounts. Since 2009, the personal holding company of the heir, Lagardère Capital & Management (LCM), no longer complied with this obligation. On October 16, 2019, the Paris commercial court, seized by the Amber Capital fund, ordered it to finally publish its balance sheets, under penalty of a fine of 2,000 euros per day. The manager of the Lagardère group had dragged its feet and appealed. It has finally just complied and has finally filed its accounts with the clerk of the commercial court.

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Arnaud Lagardère has been the CEO of Lagardère SCA (EPA:MMB) since 2003. So check out this free list of interesting companies, that have HIGH return on equity and low debt . We aim to bring you long-term focused research analysis driven by fundamental data.

A French commercial court has demanded that media mogul Arnaud Lagardère publish the past decade of annual accounts for his private holding In August the Financial Times revealed the first snapshot in a decade of the scale of Mr Lagardère ’s debts when it published figures from LC&M’s

The balance sheet reveals that Arnaud Lagardère bears a heavy debt on his frail shoulders: 215 million euros at the end of 2019. The main thing is a loan from Crédit Agricole of 164 million euros. The accounts specify that it is a "financial forward contract", of which "the provisional repayment schedule extends from November 4, 2020 to January 29, 2021".

Also read: Arnaud Lagardère's accounts reveal a heavier debt than announced

LCM also carries the 7% held by Arnaud Lagardère in the eponymous group. LCM's accounts show that the value of this stake was depreciated by 89 million euros in 2019, to fall to 238 million euros, i.e. a valuation of 25 euros per share. This depreciation caused LCM to fall into the red, which therefore posted a net loss of 79 million euros last year.

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Arnaud Lagardère . Add to myFT. Lagardère Capital & Management SAS. Lagardère Group chairman resigns ‘for personal reasons’. Lagardere Group. Media mogul Arnaud Lagardère racked up €204m debt .

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The value of the Lagardère share package on the balance sheet is therefore now worth half of its historic acquisition cost, which is 471 million euros (or 49 euros per share). However, this value remains well above their current market value, which, with a price of 15.3 euros, amounts to 150 million euros. Or that the market value at the end of 2019, which was 185 million euros, with a price of 19.43 euros per share.

However, the accounts explain that the Lagardère share package is valued, not on the stock market price, but according to its "value in use". This is "based on the main financial parameters of the Lagardère group (turnover, operating profit, financial situation), as well as on the opinions of financial analysts on the evolution of the stock market price". This last criterion is preponderant: "the opinion of the analysts who have followed the Lagardère group for several years constitutes a preferred method for assessing the value in use, because it incorporates an anticipation of the financial parameters of the Lagardère group", add the accounts. These financial analysts have, on average, lowered their valuation of the share from 30 to 25 euros between the end of 2018 and the end of 2019, adds the document.

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Message from Arnaud Lagardère . The Managing Partners are also supported by the Enlarged Committee, which is made up of the members of the Executive Committee plus the division senior executives, the Chief Executive Officer of Lagardère News and the General Counsel and Corporate

Arnaud Lagardère holds a DEA post-graduate degree in economics from the University of Paris Dauphine. Arnaud Lagardère was appointed Managing Partner in March 2003 and the Supervisory Board approved the General Partners' proposals to renew his appointment on 11 March 2009 and 11

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The accounts finally reveal what Bernard Arnault's money will be used for. Indeed, the emperor of luxury must take 26.7% of the capital of LCM for a hundred million euros. Contrary to popular belief, this amount will not be used to reimburse Crédit Agricole. It will go back to Arnaud Lagardère's pocket, via a distribution of dividends from LCM. Jean-Luc Lagardère's heir will then use this money to repay other debts, precisely the money he owes to LCM.

LCM's accounts indeed indicate: "it could be considered to settle the claim [of LCM on Arnaud Lagardère] via a distribution" from LCM to Arnaud Lagardère. The auditor Guy Isimat-Mirin adds: "I checked that LCM had the financial capacity to distribute a dividend to [Arnaud Lagardère] in the event that a dividend distribution would be carried out".

So far, no money has flowed from LCM to Arnaud Lagardère in the form of dividends. However, Arnaud Lagardère still drew on LCM funds via loans, which have become increasingly important over time. At the end of 2009, these loans amounted to 115 million euros. At the end of 2019, these loans still constituted "the bulk" of LCM's receivables, which totaled € 214 million.

It is quite likely that the heir has spent all this money over time, and therefore is no longer able to repay these loans. In this hypothesis, LCM should therefore have written down these loans. And such a depreciation would have reduced LCM's equity accordingly. For example, assuming these loans amount to 214 million euros, a full write-down of these loans would reduce LCM's equity from 242 to 28 million euros, which is to say almost nothing. LCM's equity could even turn negative quickly. And Arnaud Lagardère would then be forced to bail out LCM in cash so that LCM's equity becomes positive again, which he does not have the means to do.

The heir therefore visibly seeks to escape this dark scenario. This explains why LCM still has not written down the loans granted to Arnaud Lagardère. And this also explains why Arnaud Lagardère's choice to use Bernard Arnault's money, not to repay Crédit Agricole, but to repay his debt to LCM ...

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