• Revenues up 22.5% to €2,350.0 million, organic revenues up 9.1%
• Operating margin increases by 41.7% to €555.4 million
• EBIT increases by 127.2% to €279.0 million
• Net income Group share up 7 times to €173.3 million
• Free cash flow doubled to €327.4 million
• Expected organic revenue growth of around 6% in Q1
Paris, 9 March 2011 - JCDecaux SA (Euronext Paris: DEC), the number one outdoor advertising company
worldwide, announced today results for the year ended December 31, 2010. The accounts are audited and
certified.
Revenues
As reported on 27 January 2011, consolidated revenues increased by 22.5% to €2,350.0 million in 2010.
Excluding acquisitions and the impact of foreign exchange, the organic revenue increase was 9.1%.
Operating Margin(1)
Group operating margin increased by 41.7% to €555.4 million from €392.0 million in 2009. The operating
margin as a percentage of consolidated revenues was 23.6%, up 320 basis points compared to the prior
period (2009: 20.4%), reflecting strong operating leverage in 2010.
| |
2010 |
2009 |
Change 10/09 |
| |
(€m) |
% |
(€m) |
% |
(€m) |
% |
| Street Furniture |
375.9 |
32.8 |
298.4 |
31.9 |
26.0 |
90 |
| Transport |
115.4 |
14.8 |
55.6 |
9.4 |
107.6 |
540 |
| Billboard |
64.1 |
15.1 |
38.0 |
9.6 |
68.7 |
550 |
| Total |
555.4 |
23.6 |
392.0 |
20.4 |
41.7 |
320 |
Street Furniture: Operating margin increased by 26.0% to €375.9 million. As a percentage of revenues, the
operating margin increased to 32.8% compared to 31.9% in 2009. Excluding the contribution of Wall and
Titan on the Street Furniture division, the operating margin as a percentage of revenues was 33.8%, an
increase of 190 basis points from 31.9% in the same period the previous year, reflecting a good operating
leverage in most markets where the Group operates.
Transport: Operating margin more than doubled to €115.4 million. As a percentage of revenues, the
operating margin was 14.8% (2009: 9.4%). The strong operating margin increase was driven by the increase
in revenues in Asia-Pacific and North America as well as the contribution of the new assets, including Titan
rail contracts.
Billboard: Operating margin increased by 68.7% to €64.1 million and as a percentage of revenues the
operating margin was up to 15.1%, compared to 9.6% in 2009. The billboard division benefited from a
rebound in revenues mainly in France and the United Kingdom as well as the positive outcome of the
recurrent cost saving measures launched in 2009 in every market where the Group operates.
EBIT(2)
EBIT increased by 127.2% to €279.0 million, up from €122.8 million in 2009. The Group’s EBIT margin was
11.9% of consolidated revenues (2009: 6.4%). Excluding the impact from changes in scope for 2010 and
impairment charges occurred in 2009, charges associated with depreciation, amortization as well as
consumption of maintenance spare parts and others were largely stable.
Net financial income(3)
Net financial income decreased by €10.8 million to - €27.0 million in 2010, compared to - €16.2 million in
2009. Excluding the non recurring €10.7 million financial gain on a Joint Venture debt forgiveness recorded
in 2009, net financial income was flat as lower financial interests were offset by higher financial discounting
charges.
Equity affiliates
Share of net profit from equity affiliates increased by €34.6 million to €3.9 million, compared to
- €30.7 million in 2009. Excluding the impact of impairment charges and exceptional items in 2009 and in
2010 the share of net profit from equity affiliates slightly increased reflecting the mild improvement in
performances of the equity affiliates in 2010. Wall and BigBoard are no longer consolidated as equity
affiliates.
Net income Group share
Net income Group share increased 7 times to €173.3 million, compared to €24.5 million in 2009. This
increase mainly reflects the higher EBIT and the improved share of net profit from equity affiliates.
Capital expenditure
Net capex (acquisition of property, plant and equipment and intangible assets, net of disposals of assets)
was €155.2 million, compared to €179.7 million in 2009.
Free Cash flow(4)
Free cash flow increased to €327.4 million in 2010 from €164.8 million in 2009 reflecting the rebound in net
cash flow from operating activities, a tight control of working capital, and lower capital expenditure.
Net debt(5)
Net debt as of 31 December 2010 decreased by €311.2 million to €358.8 million compared to €670.0 million
as of 31 December 2009. Net debt as of 31 December 2010 represented 0.6 time 2010 operating margin.
Available committed credit lines amounted to €850.0 million as of 31 December 2010.
Dividend
At the next Annual General Meeting of Shareholders (to be held on 11 May, 2011), the Executive Board will
not recommend the payment of a dividend for the 2010 financial year. |