JCDecaux: H1 2024 results
H1 2024 results
- Adjusted
revenue up +14.0% to €1,807.6 million
- Adjusted
organic revenue up +13.4%, with Q2 at +15.4%
- Adjusted
operating margin of €261.4 million, +28.7% yoy, +€58.3 million
yoy
- Adjusted
EBIT, before impairment, of €112.6 million, +€100.0 million
yoy
- Net
income Group share of €94.4 million, +149.6% yoy, +€56.6 million
yoy
- Adjusted
operating cash flows of €138.9 million, +21.5% yoy, +€24.5 million
yoy
- Adjusted
free cash flow of -€20.1 million, +€159.6 million yoy
-
Best-in-class ESG ratings, carbon reduction trajectory
approved by the SBTi
- Third
quarter 2024 adjusted organic revenue growth expected to be around
+10%
Paris, July
25th, 2024 – JCDecaux
SE (Euronext Paris: DEC), the number one outdoor
advertising company worldwide, announced today its 2024 half-year
results.
Commenting on the 2024 half-year results,
Jean-Charles Decaux, Chairman of the Executive Board and
Co-CEO of JCDecaux, said:
“Our H1 2024 group revenue grew by +14.0%,
+13.4% on an organic basis, to reach €1,807.6 million,
including +15.4% in Q2 2024 on an organic basis, above our
expectations, thanks to a strong performance of digital revenue and
a strong trading momentum in all activities.
Digital Out of Home (DOOH) grew strongly at
+28.3% in H1 2024, +27.8% on an organic basis, to reach 36.8% of
Group revenue vs 32.7% in H1 2023, while analogue advertising
revenue grew mid single-digit despite the conversion of some
premium analogue sites to digital. We maintained our focus on the
selective roll-out of digital screens in prime locations, as well
as on the development of our data and programmatic
capabilities.
Programmatic advertising revenues through
the VIOOH SSP (supply-side platform), which include mostly
incremental revenue from innovative dynamic data-driven campaigns
and new advertisers, grew by +61.8% in H1 2024 to reach €59.7
million i.e. 9.0% of our digital revenue. The DOOH programmatic
ecosystem continued to gain traction, with the dynamism and the
growing number of DSPs (demand-side platforms) connected to VIOOH
(the most connected SSP of the OOH media industry with 46 DSPs
connected) now active in 21 countries, including Displayce a DSP
connected in 80 countries.
All activities grew double-digit organically
in H1 2024. Street Furniture grew by +10.6% with continued strong
momentum, Transport grew by +18.8% reflecting the solid growth in
both airports and public transport systems and Billboard grew by
+10.4% driven by its most digitised markets.
All geographies grew positively organically
in H1 2024 including Asia-Pacific, United Kingdom, Rest of Europe
and Rest of the World growing double-digit. The gradual recovery of
our activity in China, which remained well below pre-covid levels,
continued with a double-digit organic revenue growth rate.
Our top 10 advertising categories are up
mid-single to strong double-digit revenue growth led by FMCG and
TMT advertisers.
Our adjusted operating margin demonstrated a
good operating leverage as it has improved by €58.3 million to
reach €261.4 million, a +28.7% year-on-year increase, twice
the revenue growth rate. All activities improved their operating
margin rates. Transport margin rate increased but remained affected
by the lower level of activity in China. Billboard operating margin
rate significantly improved driven by both our most digitised
markets and the rationalisation of our billboard activities in
France. Our other P&L performance indicators improved
accordingly. The sale of 13.56% of the shares of APG|SGA also had a
positive impact on our EBIT and net result. Operating cash flows
reached €138.9 million increasing by €24.5 million year-on-year,
+21.5% compared to H1 2023, and our free cash flow improved
significantly to reach a satisfactory level given the seasonality
of our activity at -€20.1 million.
We have confirmed once again the excellence
of our environmental performance, recognised as best-in-class by
extra-financial rating agencies including our placement on the CDP
A List. Our Climate Strategy aiming for Net Zero Carbon by 2050
(scopes 1, 2, and 3) has been approved by the SBTi.
As far as Q3 is concerned, we now expect an
organic revenue growth rate around +10% driven by continued strong
digital revenue growth across all business segments and including
the positive impact of the Paris Olympic Games in France.
We are confident that Out of Home (OOH) will
continue to grow its market share in a fragmented media landscape
with Digital Out of Home (DOOH) being the fastest growing media
segment. JCDecaux as the industry leader and the most digitised
global OOH Media company is well positioned to benefit from this
digital transformation.”
Following the adoptions of IFRS 11 from
January 1st, 2014 and IFRS 16 from
January 1st, 2019, and in compliance with the
AMF’s instructions, the operating data presented below are
adjusted:
- to include our prorata
share in companies under joint control, regarding
IFRS 11,
- to exclude the impact of
IFRS 16 on our core business lease agreements (lease
agreements of locations for advertising structures excluding real
estate and vehicle rental contracts).
Please refer to the paragraph “Adjusted data” on
page 5 of this release for the definition of adjusted data and
reconciliation with IFRS.
The values shown in the tables are generally expressed in millions
of euros. The sum of the rounded amounts or variations calculations
may differ, albeit to an insignificant extent, from the reported
values.
ADJUSTED REVENUE
Adjusted revenue for the six months ending June
30th, 2024 increased by 14.0% to €1,807.6 million
from €1,585.0 million in the same period last year. On an
organic basis (i.e. excluding the negative impact of -€7.3
million from foreign exchange variations and the positive impact of
€18.2 million from changes in perimeter), adjusted revenue
increased by 13.4%. Adjusted advertising revenue, excluding revenue
related to sale, rental and maintenance of street furniture and
advertising displays, increased by 13.5% on an organic basis in the
first half of 2024.
In the second quarter, adjusted revenue
increased by 16.5% to €1,006.1 million. On an organic basis,
adjusted revenue increased by 15.4% compared to Q2 2023.
Adjusted advertising revenue, excluding revenue related to sale,
rental and maintenance of street furniture and advertising
displays, increased by 14.6% on an organic basis in
Q2 2024.
Adjusted revenue
€m
|
H1 2024 |
H1 2023 |
Change 24/23 |
Q1 |
Q2 |
H1 |
Q1 |
Q2 |
H1 |
Q1 |
Q2 |
H1 |
Street Furniture |
400.8 |
517.1 |
917.8 |
364.3 |
458.3 |
822.6 |
+10.0% |
+12.8% |
+11.6% |
Transport |
288.2 |
345.7 |
633.9 |
254.0 |
282.7 |
536.7 |
+13.5% |
+22.3% |
+18.1% |
Billboard |
112.6 |
143.3 |
255.9 |
103.0 |
122.7 |
225.7 |
+9.4% |
+16.8% |
+13.4% |
Total |
801.6 |
1,006.1 |
1,807.6 |
721.3 |
863.7 |
1,585.0 |
+11.1% |
+16.5% |
+14.0% |
Adjusted organic revenue growth
(a)
|
Change 24/23 |
Q1 |
Q2 |
H1 |
Street Furniture |
+9.2% |
+11.8% |
+10.6% |
Transport |
+15.1% |
+22.1% |
+18.8% |
Billboard |
+7.0% |
+13.3% |
+10.4% |
Total |
+11.0% |
+15.4% |
+13.4% |
(a) Excluding acquisitions/divestitures and
the impact of foreign exchange
Adjusted revenue by geographic
area
€m |
H1 2024 |
H1 2023 |
Reported growth |
Organic growth(a) |
Europe(b) |
542.2 |
470.4 |
+15.3% |
+13.2% |
Asia-Pacific |
387.1 |
348.3 |
+11.1% |
+14.2% |
France |
318.7 |
291.6 |
+9.3% |
+9.3% |
Rest of the World |
236.7 |
205.5 |
+15.2% |
+11.6% |
United Kingdom |
195.1 |
146.5 |
+33.2% |
+29.8% |
North America |
127.9 |
122.6 |
+4.3% |
+4.4% |
Total |
1,807.6 |
1,585.0 |
+14.0% |
+13.4% |
(a) Excluding acquisitions/divestitures and the impact of
foreign exchange
(b) Excluding France and the United Kingdom
Please note that the geographic comments below
refer to organic revenue growth.
STREET FURNITURE
First half adjusted revenue increased by +11.6%
to €917.8 million (+10.6% on an organic basis) driven by a
continued strong sales momentum. All regions grew positively
year-on-year including UK, Rest of Europe, Asia-Pacific and Rest of
the World growing double-digit. First half adjusted advertising
revenue, excluding revenue related to sale, rental and maintenance
of street furniture were up +9.9% on an organic basis compared to
the first half of 2023. Non-advertising revenue have been partly
driven by the sale to the city of Paris of the next generation of
automatic public toilets.
In the second quarter, adjusted revenue
increased by +12.8% to €517.1 million (+11.8% on an organic
basis). All regions grew positively year-on-year and all regions
except North America grew double-digit. Revenue growth in France
has been positively impacted by the Paris Olympic Games. In the
second quarter, adjusted advertising revenue, excluding revenue
related to sale, rental and maintenance of street furniture were up
+10.0% on an organic basis compared to the second quarter 2023.
TRANSPORT
Transport grew by +18.1% in adjusted revenue in
H1 2024, reaching €633.9 million (+18.8% on an organic basis)
reflecting the growth of air travel around the world, now above
pre-covid level, and the rebound of commuter traffic in public
transport. France, UK, Rest of Europe and Asia-Pacific grew
double-digit. Transport remained meaningfully impacted by the lower
level of activity in China compared to the pre-covid period.
In the second quarter, adjusted revenue
increased by +22.3% to €345.7 million. On an organic basis,
adjusted revenue increased by +22.1% compared to the same period
last year. France, UK, Rest of Europe and Asia-Pacific grew
double-digit year-on-year.
BILLBOARD
First half adjusted revenue increased by +13.4%
to €255.9 million (+10.4% on an organic basis) driven by the
most digitised markets, while France was flat due to the ongoing
rationalisation of our inventory in compliance with regulations.
UK, Rest of Europe and Rest of the World were the drivers of growth
with a double-digit increase.
In the second quarter, adjusted revenue
increased by +16.8% to €143.3 million (+13.3% on an organic
basis). UK, Rest of Europe and Rest of the World grew double-digit
while France and North America grew high single-digit.
ADJUSTED OPERATING MARGIN
(1)
For the first half of 2024, our adjusted
operating margin has improved by €58.3 million to reach
€261.4 million (vs €203.1 million in the first half of
2023), a +28.7% increase year-on-year, twice as much as the revenue
growth. The adjusted operating margin as a percentage of revenue
was 14.5%, +170bp above prior year, with all business segments
improving their operating margin rates.
|
H1 2024 |
H1 2023 |
Change 24/23 |
|
€m |
% of revenue |
€m |
% of revenue |
Change (€m) |
Margin rate (bp) |
Street Furniture |
198.8 |
21.7% |
172.6 |
21.0% |
+26.2 |
+70bp |
Transport |
36.8 |
5.8% |
21.4 |
4.0% |
+15.5 |
+180bp |
Billboard |
25.8 |
10.1% |
9.1 |
4.0% |
+16.6 |
+610bp |
Total |
261.4 |
14.5% |
203.1 |
12.8% |
+58.3 |
+170bp |
Street Furniture: In the first
half of 2024, adjusted operating margin increased by €26.2 million
to €198.8 million. As a percentage of revenue, the adjusted
operating margin was 21.7%, an improvement limited to +70bp above
prior year despite double-digit revenue growth, due to H1 2023
benefitting from one-off positive impacts from contract
renegotiations.
Transport: In the first half of
2024, adjusted operating margin increased by €15.5 million to
€36.8 million. As a percentage of revenue, the adjusted
operating margin was +5.8%, +180bp above prior year despite a slow
recovery in China, the dilutive impact of the start of some new
contracts and the lower level of rent relieves compared to
2023.
Billboard: In the first half of
2024, adjusted operating margin increased by €16.6 million to €25.8
million. As a percentage of revenue, the adjusted operating margin
was +10.1%, +610bp above prior year, primarily due to revenue
growth from the most digitised countries and the first positive
effects of the rationalisation plan implemented in France.
ADJUSTED EBIT
(2)
In the first half of 2024, adjusted EBIT before
impairment charge improved by €100.0 million compared to the
first half of 2023 (€12.5 million) to €112.6 million. The
positive variation is mainly due to the increase of the operating
margin for €58.3 million and the capital gain on the sale of 13.56%
of APG|SGA for €45.2 million. As a percentage of revenue, EBIT
excluding the capital gain on the sale of APG|SGA shares improved
by 290bp year-on-year to 3.7%, from 0.8% in H1 2023, as all
activities improved their EBIT margin rates: +80bp in Street
Furniture, +410bp for Transport and +870bp for Billboard. Including
the capital gain on the sale of APG|SGA shares, the Group EBIT rate
reached 6.2%, a 540bp year-on-year increase.
The net impairment on tangible and intangible
assets of +€6.4 million in H1 2024 (vs +€21.9 million in H1
2023) is related to the reversal of provisions for different
contracts. This represents a decrease of €15.5 million vs prior
year mainly related to the reversal in H1 2023 of the provision for
onerous contract recognised on the Guangzhou metro contract at the
end of 2022.
Adjusted EBIT, after impairment charge, has
improved by €84.5 million from €34.4 million in H1 2023 to €118.9
million in H1 2024.
NET FINANCIAL INCOME / (LOSS)
(3)
In the first half of 2024, net financial result
amounted to -€63.8 million, compared to -€64.9 million during the
first half of 2023. This improvement of €1.0 million is mainly due
to a decrease of the IFRS 16 interest charges of €2.9 million,
partly offset by the write down of a €1.5 million loan linked to
contract renegotiations. Net interest expenses were broadly stable
as they decreased by €0.2 million year-on-year, as our net debt
which is mainly at fixed rates remained broadly stable over the
period, and we benefited from higher rates in 2024 on our
liquidity.
EQUITY AFFILIATES
In the first half of 2024, the share of net
profit from equity affiliates was €13.8 million compared to €8.7
million during the first half of 2023, an increase of 59.6%
year-on-year reflecting the improvement in the overall operational
performance of our affiliates.
NET INCOME GROUP SHARE
In the first half of 2024, net income Group
share before impairment charge increased by +€68.0 million to
€89.9 million compared to €21.8 million in H1 2023.
Taking into account the net impact from the
impairment charge, net income Group share increased by €56.6
million to €94.4 million compared to €37.8 million in H1
2023.
ADJUSTED CAPITAL
EXPENDITURE
In the first half of 2024, adjusted net capex
(acquisition of property, plant and equipment and intangible
assets, net of disposals of assets) were at €140.7 million, i.e.
contained at 7.8% of H1 2024 reported revenue, with digital
representing 36.0% of the net capex.
ADJUSTED FREE CASH FLOW
(4)
In the first half of 2024, operating cash flows
reached €138.9 million increasing by +€24.5 million compared to H1
2023 mainly driven by the increase in operating margin.
The impact of the change in working capital
requirements was limited to -€18.2 million, despite the revenue
growth during the period, thanks to our ongoing strict management
of trade receivables, trade payables and inventories. Compared to
H1 2023, there was a favourable variation of €154.6 million, which
is also explained by the past rental payment in 2023 for around
€100 million related to certain contract renegotiations.
After capital expenditure, the adjusted free
cash flow amounted to -€20.1 million (vs -€179.7 million in H1
2023) a satisfactory level at this time of the year given the
seasonality of our activity, up sharply by €159.6 million vs H1
2023.
NET DEBT
(5)
Net debt amounted to €956.8 million as of June
30th, 2024 vs €1,005.9 million as of the end of December
2023, a €49.0 million decrease due in particular to the APG|SGA
transaction for net proceeds of €87.7 million, partly offset
by the slightly negative free cash flow over the period. This net
debt includes a strong liquidity with nearly €1.7 billion in cash
and €825 million in confirmed revolving credit line, undrawn, with
a maturity in mid-2026, and a well-secured debt profile with bond
maturities largely covered by available cash until 2028 as well as
an optimised management of our liquidity allowing relatively stable
net financial expenses over the period.
RIGHT-OF-USE & LEASE LIABILITIES,
IFRS 16
Right-of-use IFRS 16 as of June 30th, 2024
amounted to €2,116.1 million compared to €2,230.1 million as of
December 31st, 2023, a decrease of €114.0 million related to the
amortisation of right-of-use, renegotiations and terminations of
contracts partially offset by new contracts, contract renewals,
updates of minima guaranteed and foreign exchange rate impacts.
IFRS 16 lease liabilities decreased by €153.5
million from €2,657.0 million as of December 31st, 2023 to €2,503.5
million as of June 30th, 2024 (€2,950.3 million as of June 30th,
2023). The decrease, mainly related to repayments of lease
liabilities and to renegotiations and terminations of contracts is
partly offset by new contracts, contract renewals, updates of
minima guaranteed and a positive impact from foreign exchange
rates.
ADJUSTED DATA
Under IFRS 11, applicable from
January 1st, 2014, companies under joint
control are accounted for using the equity method.
Under IFRS 16, applicable from
January 1st, 2019, a lease liability for
contractual fixed rental payments is recognised on the balance
sheet, against a right-of-use asset to be depreciated over the
lease term. As regards P&L, the fixed rent expense is replaced
by the depreciation of the right-of-use in EBIT, below the
operating margin, and a lease interest expense on the lease
liability in financial result, below EBIT. IFRS 16 has no
impact on cash payments but payment of debt (principal) is booked
in funds from financing activities.
However, in order to reflect the business reality of the Group and
the readability of our performance, our operating management
reports used to monitor the activity, allocate resources and
measure performance continue:
- To integrate on proportional basis
operating data of the companies under joint control and;
- To exclude the IFRS 16 impact
on our core business (lease agreements of locations for advertising
structures excluding real estate and vehicle rental
contracts).
As regards the P&L, it concerns all
aggregates down to the EBIT. As regards the cash flow statement, it
concerns all aggregates down to the free cash flow.
Consequently, pursuant to IFRS 8, Segment Reporting presented in
the financial statements complies with the Group’s internal
information, and the Group’s external financial communication
therefore relies on this operating financial information. Financial
information and comments are therefore based on “adjusted” data,
consistent with historical data, which is reconciled with IFRS
financial statements.
In the first half of 2024, the impacts of
IFRS 11 and IFRS 16 on our adjusted aggregates are:
- -€141.0 million for
IFRS 11 on adjusted revenue (-€118.1 million for
IFRS 11 in H1 2023) leaving IFRS revenue at
€1,666.7 million (€1,466.9 million in H1 2023).
- -€21.8 million for
IFRS 11 and €299.8 million for IFRS 16 on adjusted
operating margin (-€25.2 million for IFRS 11 and
€346.4 million for IFRS 16 in H1 2023) leaving IFRS
operating margin at €539.4 million (€524.3 million in
H1 2023).
- -€15.3 million for IFRS 11 and
€49.1 million for IFRS 16 on adjusted EBIT before impairment
charge (-€16.0 million for IFRS 11 and €90.4 million
for IFRS 16 in H1 2023) leaving IFRS EBIT before
impairment charge at €146.4 million (€86.8 million in
H1 2023).
- -€15.3 million for
IFRS 11 and €48.9 million for IFRS 16 on adjusted
EBIT after impairment charge (-€16.0 million for IFRS 11
and €90.0 million for IFRS 16 in H1 2023) leaving
IFRS EBIT after impairment charge at €152.6 million
(€108.4 million in H1 2023).
- €16.0 million for IFRS 11
on adjusted capital expenditure (€6.4 million for IFRS 11
in H1 2023) leaving IFRS capital expenditure at
-€124.8 million (-€114.9 million in H1 2023).
- -€3.8 million for IFRS 11
and €307.0 million for IFRS 16 on adjusted free cash flow
(-€13.6 million for IFRS 11 and €400.8 million for
IFRS 16 in H1 2023) leaving IFRS free cash flow at
€283.1 million (€207.4 million in H1 2023).
The full reconciliation between adjusted figures
and IFRS figures is provided on page 9 of this release.
NOTES
(1) Operating
Margin: Revenue less Direct Operating Expenses (excluding
Maintenance spare parts) less SG&A expenses.
(2) EBIT:
Earnings Before Interests and Taxes = Operating Margin less
Depreciation, amortisation and provisions (net) less Impairment of
goodwill less Maintenance spare parts less Other operating income
and expenses.
(3) Net financial
income / (loss): Excluding the net impact of discounting
and revaluation of debt on commitments to purchase minority
interests (-€3.5 million and €0.7 million in H1 2024
and H1 2023 respectively).
(4) Free cash
flow: Net cash flow from operating activities less capital
investments (property, plant and equipment and intangible assets)
net of disposals.
(5) Net
debt: Debt net of managed cash less bank overdrafts,
excluding the non-cash IAS 32 impact (debt on commitments to
purchase minority interests), including the non-cash IFRS 9
impact on both debt and hedging financial derivatives, and
excluding IFRS 16 lease liabilities.
ORGANIC GROWTH DEFINITION
The Group’s organic growth corresponds to the
adjusted revenue growth excluding foreign exchange impact and
perimeter effect. The reference fiscal year remains unchanged
regarding the reported figures, and the organic growth is
calculated by converting the revenue of the current fiscal year at
the average exchange rates of the previous year and taking into
account the perimeter variations prorata temporis, but
including revenue variations from the gains of new contracts and
the losses of contracts previously held in our portfolio.
€m |
|
Q1 |
Q2 |
H1 |
|
|
|
|
|
2023 adjusted revenue |
(a) |
721.3 |
863.7 |
1,585.0 |
|
|
|
|
|
2024 IFRS revenue |
(b) |
740.4 |
926.3 |
1,666.7 |
IFRS 11 impacts |
(c) |
61.2 |
79.8 |
141.0 |
2024 adjusted revenue |
(d) = (b) + (c) |
801.6 |
1,006.1 |
1,807.6 |
Currency impacts |
(e) |
7.1 |
0.2 |
7.3 |
2024 adjusted revenue at 2023 exchange rates |
(f) = (d) + (e) |
808.7 |
1,006.3 |
1,814.9 |
Change in scope |
(g) |
-8.4 |
-9.8 |
-18.2 |
2024 adjusted organic revenue |
(h) = (f) + (g) |
800.3 |
996.5 |
1,796.8 |
|
|
|
|
|
Organic growth |
(i) = (h)/(a)-1 |
+11.0% |
+15.4% |
+13.4% |
€m |
Impact of currency
as of June
30th,
2024 |
|
|
CNY |
4.6 |
AUD |
3.1 |
JPY |
1.9 |
GBP |
-5.0 |
Others |
2.7 |
|
|
Total |
7.3 |
Average exchange rate |
H1 2024 |
H1 2023 |
|
|
|
CNY |
0.1282 |
0.1335 |
AUD |
0.6089 |
0.6252 |
JPY |
0.0061 |
0.0069 |
GBP |
1.1699 |
1.1411 |
Next
information:
Q3 2024 revenue: November 7th, 2024 (after market)
Key Figures for JCDecaux
- 2023 revenue:
€3,570.0m(a) – H1 2024 revenue:
€1,807.6m(a)
- N°1 Out-of-Home Media company
worldwide
- A daily audience of 850 million
people in more than 80 countries
- 1,056,833 advertising panels
worldwide
- Present in 3,918 cities with
more than 10,000 inhabitants
- 11,650 employees
- JCDecaux is listed on the
Eurolist of Euronext Paris and is part of the Euronext 100 and
Euronext Family Business indexes
- JCDecaux is recognised for its
extra-financial performance in the FTSE4Good (3.8/5), CDP (A),
MSCI (AAA), Sustainalytics (13.7), and has achieved Gold Medal
status from EcoVadis
- 1st Out-of-Home Media company
to join the RE100
- Leader in self-service bike
rental scheme: pioneer in eco-friendly mobility
- N°1 worldwide in street
furniture (630,196 advertising panels)
- N°1 worldwide in transport
advertising with 153 airports and 258 contracts in
metros, buses, trains and tramways (319,081 advertising
panels)
- N°1 in Europe for billboards
(85,743 advertising panels worldwide)
- N°1 in outdoor advertising in
Europe (708,620 advertising panels)
- N°1 in outdoor advertising in
Asia-Pacific (165,292 advertising panels)
- N°1 in outdoor advertising in
Latin America (91,682 advertising panels)
- N°1 in outdoor advertising in
Africa (25,337 advertising panels)
- N°1 in outdoor advertising in
the Middle East (21,300 advertising panels)
(a) Adjusted
revenue
For more information about JCDecaux, please
visit jcdecaux.com.
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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 universal registration document
registered in France with the French Autorité des Marchés
Financiers.
Investors and holders of shares of the Company may obtain copy of
such universal registration document by contacting the Autorité des
Marchés Financiers on its website www.amf-france.org or directly on
the Company website www.jcdecaux.com.
The Company does not have the obligation and undertakes no
obligation to update or revise any of the forward-looking
statements.
Communications
Department: Albert Asséraf
+33 (0) 1 30 79 79 10 – albert.asseraf@jcdecaux.com
Investor
Relations: Rémi Grisard
+33 (0) 1 30 79 79 93 – remi.grisard@jcdecaux.com
RECONCILIATION BETWEEN ADJUSTED FIGURES AND
IFRS FIGURES
Profit & Loss |
H1 2024 |
H1 2023 |
€m |
Adjusted |
Impact of companies under joint control |
Impact of IFRS 16 from controlled entities
(1) |
IFRS |
Adjusted |
Impact of companies under joint control |
Impact of IFRS 16 from controlled entities
(1) |
IFRS |
Revenue |
1,807.6 |
(141.0) |
|
1,666.7 |
1,585.0 |
(118.1) |
|
1,466.9 |
Net operating costs |
(1,546.2) |
119.2 |
299.8 |
(1,127.2) |
(1,381.9) |
92.8 |
346.4 |
(942.7) |
Operating margin |
261.4 |
(21.8) |
299.8 |
539.4 |
203.1 |
(25.2) |
346.4 |
524.3 |
Maintenance spare parts |
(22.2) |
0.7 |
|
(21.5) |
(22.2) |
0.6 |
|
(21.6) |
Amortisation and provisions (net) |
(175.6) |
8.8 |
(250.9) |
(417.7) |
(153.7) |
6.9 |
(320.9) |
(467.7) |
Other operating income / expenses |
49.0 |
(2.9) |
0.2 |
46.3 |
(14.8) |
1.7 |
64.9 |
51.8 |
EBIT before impairment charge |
112.6 |
(15.3) |
49.1 |
146.4 |
12.5 |
(16.0) |
90.4 |
86.8 |
Net impairment charge |
6.4 |
- |
(0.3) |
6.1 |
21.9 |
- |
(0.3) |
21.6 |
EBIT after impairment charge |
118.9 |
(15.3) |
48.9 |
152.6 |
34.4 |
(16.0) |
90.0 |
108.4 |
(1) IFRS 16 impact on the core
business contracts of controlled entities
|
|
|
|
|
|
|
|
|
|
|
|
Cash-Flow Statement |
H1 2024 |
H1 2023 |
€m |
Adjusted |
Impact of companies under joint control |
Impact of IFRS 16 from controlled entities
(1) |
IFRS |
Adjusted |
Impact of companies under joint control |
Impact of IFRS 16 from controlled entities
(1) |
IFRS |
Operating cash flows |
138.9 |
3.1 |
280.0 |
422.0 |
114.3 |
4.6 |
298.8 |
417.8 |
Change in working capital requirement |
(18.2) |
(22.8) |
26.9 |
(14.1) |
(172.8) |
(24.6) |
101.9 |
(95.5) |
Net cash flow from operating activities |
120.7 |
(19.7) |
307.0 |
407.9 |
(58.5) |
(20.0) |
400.8 |
322.3 |
Capital expenditure |
(140.7) |
16.0 |
|
(124.8) |
(121.2) |
6.4 |
|
(114.9) |
Free cash flow |
(20.1) |
(3.8) |
307.0 |
283.1 |
(179.7) |
(13.6) |
400.8 |
207.4 |
(1) IFRS 16 impact on the core and
non-core business contracts of controlled entities
|
|
|
H1 2024 INTERIM CONSOLIDATED FINANCIAL
STATEMENTS
STATEMENT OF FINANCIAL POSITION
Assets
In million euros |
30/06/2024 |
31/12/2023 |
Goodwill |
1,678.2 |
1,666.0 |
Other intangible assets |
683.4 |
699.7 |
Property, plant and equipment |
1,230.3 |
1,240.2 |
Right-of-use |
2,116.1 |
2,230.1 |
Investments under the equity method |
363.3 |
421.6 |
Other financial assets |
81.9 |
83.7 |
Financial derivatives |
- |
- |
Deferred tax assets |
189.8 |
167.5 |
Current tax assets |
2.5 |
2.4 |
Other receivables |
39.7 |
17.9 |
NON-CURRENT ASSETS |
6,385.1 |
6,529.0 |
Other financial assets |
14.8 |
4.1 |
Inventories |
219.0 |
187.6 |
Financial derivatives |
3.0 |
6.8 |
Trade and other receivables |
815.4 |
824.1 |
Current tax assets |
26.0 |
16.2 |
Treasury financial assets |
64.4 |
91.4 |
Cash and cash equivalents |
1,663.5 |
1,597.2 |
CURRENT ASSETS |
2,806.2 |
2,727.4 |
TOTAL ASSETS |
9,191.3 |
9,256.4 |
Equity and liabilities
In million euros |
30/06/2024 |
31/12/2023 |
Share capital |
3.2 |
3.2 |
Additional paid-in capital |
612.4 |
612.4 |
Treasury shares |
(2.0) |
(0.6) |
Consolidated reserves |
1,502.7 |
1,304.2 |
Consolidated net income (Group share) |
94.4 |
209.2 |
Other components of equity |
(149.5) |
(177.3) |
EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT
COMPANY |
2,061.3 |
1,951.0 |
Non-controlling interests |
86.2 |
95.9 |
TOTAL EQUITY |
2,147.4 |
2,046.9 |
Provisions |
337.1 |
356.6 |
Deferred tax liabilities |
43.6 |
36.3 |
Financial debt |
1,770.6 |
1,922.1 |
Debt on commitments to purchase non-controlling interests |
109.1 |
105.6 |
Lease liabilities |
1,832.7 |
1,959.5 |
Other payables |
10.5 |
9.7 |
Income tax payable |
0.1 |
0.3 |
Financial derivatives |
0.0 |
0.0 |
NON-CURRENT LIABILITIES |
4,103.6 |
4,390.2 |
Provisions |
69.3 |
81.0 |
Financial debt |
899.2 |
770.9 |
Debt on commitments to purchase non-controlling interests |
4.6 |
4.6 |
Financial derivatives |
3.4 |
4.3 |
Lease liabilities |
670.8 |
697.5 |
Trade and other payables |
1,261.1 |
1,230.6 |
Income tax payable |
17.2 |
26.6 |
Bank overdrafts |
14.5 |
3.9 |
CURRENT LIABILITIES |
2,940.2 |
2,819.4 |
TOTAL LIABILITIES |
7,043.8 |
7,209.5 |
TOTAL EQUITY AND LIABILITIES |
9,191.3 |
9,256.4 |
STATEMENT OF COMPREHENSIVE INCOME
Income statement
In million euros |
1st HALF OF
2024 |
1st HALF OF
2023 |
REVENUE |
1,666.7 |
1,466.9 |
Direct operating expenses |
(800.0) |
(640.9) |
Selling, general and administrative expenses |
(327.2) |
(301.8) |
OPERATING MARGIN |
539.4 |
524.3 |
Depreciation, amortisation and provisions (net) |
(411.6) |
(446.1) |
Impairment of goodwill |
- |
- |
Maintenance spare parts |
(21.5) |
(21.6) |
Other operating income |
59.3 |
73.4 |
Other operating expenses |
(13.0) |
(21.6) |
EBIT |
152.6 |
108.4 |
INTERESTS ON IFRS 16 LEASE LIABILITIES |
(38.1) |
(41.0) |
Financial income |
31.5 |
30.0 |
Financial expenses |
(60.8) |
(53.3) |
NET FINANCIAL INCOME EXCLUDING IFRS 16 |
(29.3) |
(23.2) |
NET FINANCIAL INCOME (LOSS) |
(67.3) |
(64.2) |
Income tax |
5.0 |
(4.2) |
Share of net profit of companies under the equity method |
13.8 |
8.7 |
CONSOLIDATED NET INCOME |
104.0 |
48.7 |
- Including non-controlling interests |
9.6 |
10.9 |
CONSOLIDATED NET INCOME (GROUP SHARE) |
94.4 |
37.8 |
Earnings per share (in euros) |
0.442 |
0.178 |
Diluted earnings per share (in euros) |
0.441 |
0.178 |
Weighted average number of shares |
213,435,393 |
212,929,764 |
Weighted average number of shares (diluted) |
214,080,063 |
212,929,764 |
Statement of other comprehensive income
In million euros |
1st HALF OF
2024 |
1st HALF OF
2023 |
CONSOLIDATED NET INCOME |
104.0 |
48.7 |
Translation reserve adjustments (1) |
16.0 |
(23.2) |
Cash flow hedges |
0.1 |
(0.1) |
Tax on the other comprehensive income subsequently released to net
income |
0.1 |
0.9 |
Share of other comprehensive income of companies under equity
method (after tax) (2) |
(8.3) |
(8.8) |
Other comprehensive income subsequently released to net
income |
7.8 |
(31.2) |
Change in actuarial gains and losses on post-employment benefit
plans and assets ceiling |
3.4 |
(0.4) |
Tax on the other comprehensive income not subsequently released to
net income |
(0.4) |
0.2 |
Share of other comprehensive income of companies under equity
method (after tax) |
(0.0) |
0.1 |
Other comprehensive income not subsequently released to net
income |
2.9 |
(0.1) |
Total other comprehensive income |
10.7 |
(31.3) |
TOTAL COMPREHENSIVE INCOME |
114.7 |
17.4 |
- Including non-controlling interests |
3.0 |
12.2 |
TOTAL COMPREHENSIVE INCOME - GROUP SHARE |
111.7 |
5.2 |
(1) For the first half of 2024, translation reserve adjustments
mainly related to changes in foreign exchange rates, of which €10.8
million in Hong Kong, €7.2 million in Australia, €5.9 million in
the United States, €3.6 million in the United Kingdom, €(6.3)
million in Brazil, €(4.6) million in Mexico and €(3.3) million in
China. For the first half of 2023, translation reserve adjustments
mainly related to changes in foreign exchange rates, of which
mainly €(13.9) million in Australia, €(8.1) million in Hong Kong,
€(7.4) million in South of Africa and €5.3 million in Mexico.
(2) For the first half of 2024, this includes €(5.2) million in
reclassification to net income of translation reserves from
companies accounted for under the equity method following changes
in consolidation scope.
|
STATEMENT OF CASH FLOWS
In million euros |
1st HALF OF
2024 |
1st HALF OF
2023 |
NET INCOME BEFORE TAX |
99.0 |
52.9 |
Share of net profit of companies under the equity method |
(13.8) |
(8.7) |
Dividends received from companies under the equity method |
37.0 |
42.2 |
Expenses related to share-based payments |
1.2 |
4.2 |
Gains and losses on lease contracts |
(10.0) |
(83.0) |
Depreciation, amortisation and provisions (net) |
411.5 |
447.1 |
Capital gains and losses and net income (loss) on changes in
scope |
(56.8) |
(1.9) |
Net discounting expenses |
6.9 |
2.4 |
Net interest expense & interest expenses on IFRS16 lease
liabilities |
52.8 |
55.9 |
Financial derivatives, translation adjustments, amortised cost and
other |
2.4 |
(2.6) |
Interest paid on IFRS16 lease liabilities |
(41.5) |
(57.1) |
Interest paid |
(67.1) |
(41.3) |
Interest received |
30.0 |
28.7 |
Income tax paid |
(29.7) |
(21.2) |
Operating Cash Flows |
422.0 |
417.8 |
Change in working capital |
(14.1) |
(95.5) |
Change in inventories |
(29.8) |
(54.3) |
Change in trade and other receivables |
(11.5) |
(59.5) |
Change in trade and other payables |
27.3 |
18.2 |
NET CASH FLOWS FROM OPERATING ACTIVITIES |
407.9 |
322.3 |
Cash payments on acquisitions of intangible assets and property,
plant and equipment |
(143.0) |
(147.3) |
Cash payments on acquisitions of financial assets (long-term
investments) net of cash acquired (1) |
(4.4) |
(7.2) |
Cash payments on acquisitions of other financial assets |
(16.3) |
(2.9) |
TOTAL INVESTMENTS |
(163.7) |
(157.4) |
Cash receipts on proceeds on disposals of intangible assets and
property, plant and equipment |
18.3 |
32.4 |
Cash receipts on proceeds on disposals of financial assets
(long-term investments) net of cash sold (1) |
87.7 |
- |
Cash receipts on proceeds on disposals of other financial
assets |
2.9 |
6.5 |
TOTAL ASSET DISPOSALS |
108.9 |
39.0 |
NET CASH FLOWS FROM INVESTING ACTIVITIES |
(54.8) |
(118.4) |
Dividends paid |
(15.0) |
(9.8) |
Purchase of treasury shares |
(23.1) |
(18.7) |
Cash payments on acquisitions of non-controlling interests |
(0.0) |
0.0 |
Capital decrease |
(0.0) |
0.0 |
Repayment of long-term borrowings |
(59.4) |
(892.3) |
Repayment of lease liabilities |
(307.0) |
(400.8) |
Acquisitions and disposals of treasury financial assets |
28.7 |
0.0 |
CASH OUTFLOW FROM FINANCING ACTIVITIES |
(375.8) |
(1,321.6) |
Cash receipts on proceeds on disposal of interests without loss of
control |
0.0 |
0.0 |
Capital increase |
0.3 |
3.9 |
Sale of treasury shares |
21.8 |
19.7 |
Increase in long-term borrowings |
56.7 |
629.5 |
CASH INFLOW FROM FINANCING ACTIVITIES |
78.7 |
653.1 |
NET CASH FLOWS FROM FINANCING ACTIVITIES |
(297.0) |
(668.5) |
CHANGE IN NET CASH POSITION |
56.1 |
(464.7) |
NET CASH POSITION BEGINNING OF PERIOD |
1,593.3 |
1,889.7 |
Effect of exchange rate fluctuations and other movements |
(0.5) |
(9.7) |
NET CASH POSITION END OF PERIOD (2) |
1,649.0 |
1,415.4 |
(1) Including nil net cash acquired and sold for the
1st half of 2024 and the
1st half of 2023. (2)
Including €1,663.5 million in cash and cash equivalents and
€(14.5) million in bank overdrafts as of 30 June 2024, compared to
€1,440.3 million and €(24.9) million, respectively, as of 30 June
2023. |
- ENG 25-07-24 # JCDecaux H1 2024
JCDecaux (EU:DEC)
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