Lagardère reported very poor FY20 results as expected. The Travel Retail division, which fell more sharply than anticipated, continues to weigh on results. By contrast, the Publishing division limited the damage with a better-than-expected performance. The group loss reached €660m (FY19: €-15m). Although Arnaud Lagardère indicated that no decision has been taken regarding potential disposals, he was rather open to a modification of the “commandite” structure.