JCDecaux: Quarterly trading update

Quarterly trading update

  • Third quarter adjusted revenue up 14.1% to €764.0m
  • Third quarter adjusted organic revenue up 4.3%
  • Adjusted organic revenue growth for Q4 expected to be in line with the first nine months revenue growth
  • Adjusted organic revenue growth for FY15 expected to be up above 3%

Paris, 5th November, 2015 – JCDecaux SA (Euronext Paris: DEC), the number one outdoor advertising company worldwide, announced today its revenue for the nine months ended 30 September 2015.

Following the adoption of IFRS 11 from 1st January, 2014, the operating data presented below is adjusted to include our prorata share in companies under joint control, and therefore is comparable with historical data. Please refer to the paragraph “Adjusted data” on page 3 of this release for the definition of adjusted data and reconciliation with IFRS.

Adjusted revenue for the third quarter of 2015 increased by 14.1% to €764.0 million compared to €669.3 million in Q3 2014. Excluding the positive impact from both foreign exchange variations and changes in perimeter, adjusted revenue grew by 4.3%.

Adjusted advertising revenue, excluding revenue related to sale, rental and maintenance, increased by 4.6% on an organic basis in the third quarter of 2015.


Third quarter adjusted revenue increased by 5.0% to €303.2 million (+3.2% on an organic basis). Europe (including France and the UK) was broadly flat. Asia-Pacific was up. The Rest of the World and North America delivered a good double-digit growth rate.

Third quarter adjusted advertising revenue, excluding revenue related to sale, rental and maintenance were up 4.8% on an organic basis compared to the third quarter of 2014.


Third quarter adjusted revenue increased by 27.7% to €347.0 million (+9.7% on an organic basis) during the third quarter. Europe (including France and the UK) and Asia-Pacific showed strong growth. The Rest of the World delivered good performance in some markets. North America was up.


Third quarter adjusted revenue increased by 4.6% to €113.8 million (-5.9% on an organic basis) during the third quarter. Europe (including France and the UK) was down. The Rest of the World showed negative growth, mainly due to the difficult market conditions in Russia. The integration of Continental Outdoor Media from 1st June, 2015 impacted positively the reported performance.

Commenting on the third quarter revenue, Jean-François Decaux, Chairman of the Executive

Board and Co-CEO of JCDecaux, said:

“Our better than expected Q3 organic revenue growth rate of 4.3% reflects both the strong performance of our Transport division which benefits from an increased exposure to digital now at 17% of Transport revenues and the sound performance of our Street Furniture business. Our Billboard segment while benefitting from the integration of Continental Outdoor Media in Africa remains weak due to the lack of consolidation in Europe and the difficult market conditions in Russia.

While the UK and North America delivered good growth offsetting the softness of France and the Rest of Europe, our faster-growth markets which now represent 37% of Group revenue continued to perform well despite the slowdown in Greater China.

Bearing in mind the limited visibility and the on-going volatility in most markets, we currently expect Q4 organic revenue growth to be in line with the first nine months revenue growth, driving the full year above 3%.

JCDecaux's future revenue growth will accelerate following some recent major contracts wins and bolt-on acquisitions including:

- The London bus shelter contract being the largest one in the world with the installation of 1,000 84" screens starting in 2016,

- The expected closing of CEMUSA paving the way for further consolidation in Spain, Italy, Brazil and North America with the New York City Street Furniture contract.

We also announced recently that we have entered into exclusive negotiations with Publicis in the context of increasing our equity stake in Metrobus from 33% to 100%.

In addition, we have entered into an agreement to buy the Latin America business of OUTFRONT Media (Mexico, Chile, Uruguay, Brazil and Argentina) via our subsidiaries JCDecaux Latin America / Corameq, which are 85% owned by JCDecaux SA.

Both transactions are subjected to customary closing conditions, including regulatory approval.

Looking forward, we remain convinced that out-of-home retains its strength and attractiveness in an increasingly fragmented media landscape. With our accelerating exposure to emerging markets, our growing premium digital portfolio, our ability to win new contracts and the high quality of our teams across the world, we believe we are well positioned to outperform the advertising market and increase our leadership position in the outdoor advertising industry through profitable market share gains. The strength of our balance sheet is a key competitive advantage that will allow us to pursue further external growth opportunities as they arise.”


Under IFRS 11, applicable from 1st January, 2014, companies under joint control are accounted for using the equity method.

However in order to reflect the business reality of the Group, operating data of the companies under joint control will continue to be proportionately integrated in the operating management reports used to monitor the activity, allocate resources and measure performance. Consequently, pursuant to IFRS 8, Segment Reporting presented in the financial statements shall comply with the Group’s internal information, and the Group’s external financial communication will therefore rely on this operating financial information. Financial information and comments will therefore be based on “adjusted data”, consistent with historical data, which will be reconciled with IFRS financial statements.

In Q3 2015, the impact of IFRS 11 on adjusted revenue was -€103.1 million (-€81.6 million in Q3 2014), leaving IFRS revenue at €660.9 million (€587.7 million in Q3 2014). For the first nine months of 2015, the impact of IFRS 11 on adjusted revenue was -€275.1 million (-€235.3 million for the first nine months of 2014), leaving IFRS revenue at €1,948.6 million (€1,738.8 million for the first nine months of 2014).

Next information:

Q4 2015 revenue: 28th January, 2016 (after market)

Key Figures for JCDecaux

- 2014 revenue: €2,813m, H1 2015 revenue: €1,460m

- JCDecaux is listed on the Eurolist of Euronext Paris and is part of the Euronext 100 index

- JCDecaux is part of the FTSE4Good index

- N°1 worldwide in street furniture (491,950 advertising panels)

- N°1 worldwide in transport advertising with more than 170 airports and 279 contracts in

  metros, buses, trains and tramways (379,060 advertising panels)

- N°1 in Europe for billboards (180,590 advertising panels)

- N°1 in outdoor advertising in the Asia-Pacific region (215,350 advertising panels)

- N°1 in outdoor advertising in Latin America (51,150 advertising panels)

- N°1 in outdoor advertising in Africa (36,000 advertising panels)

- N°1 worldwide for self-service bicycle hire: pioneer in eco-friendly mobility

- 1,078,370 advertising panels in more than 70 countries

- Present in 3,700 cities with more than 10,000 inhabitants

- 12,300 employees

Forward looking statements

This news release may contain some forward-looking statements. These statements are not undertakings as to the future performance of the Company. Although the Company considers that such statements are based on reasonable expectations and assumptions on the date of publication of this release, they are by their nature subject to risks and uncertainties which could cause actual performance to differ from those indicated or implied in such statements.

These risks and uncertainties include without limitation the risk factors that are described in the annual report registered in France with the French Autorité des Marchés Financiers. Investors and holders of shares of the Company may obtain copy of such annual report by contacting the Autorité des Marchés Financiers on its website or directly on the Company website

The Company does not have the obligation and undertakes no obligation to update or revise any of the forward-looking statements.

Communications Department: Agathe Albertini

+33 (0) 1 30 79 34 99 –

Investor Relations: Arnaud Courtial

+33 (0) 1 30 79 79 93 –