On a reported basis, 2011 revenues increased by 4.8% to €2,463.0 million compared to €2,350.0 million in 2010. Organic revenue growth of 5.7% was mainly driven by the dynamism of the Transport segment in Asia-Pacific and in the Rest of the World, and by the positive performance of the Street Furniture division in key markets such as France and Germany. Core advertising revenues increased by 5.2% organically.
In the fourth quarter of 2011, revenues increased by 3.6% to €715.9 million. Excluding foreign exchange variations and change in perimeter effects, organic revenues increased by 3.3%.
By activity: (see the PDF for more information)
Transport revenues for the full year increased by 12.5% to €874.8 million, reflecting a very strong organic revenue increase of 15.8%, partially offset by the negative effects of foreign exchange variations and change in perimeter. In 2011, the Transport segment continued to benefit from a solid increase in air passenger traffic worldwide. Our metro activities in China were also boosted by the expansion of existing lines, the construction of new lines and the changing audience profile, with a growing proportion of urban professionals using the network. Fast-growing regions such as Asia-Pacific and the Rest of the World, and also the UK, delivered double-digit performances while North America posted a mid-single digit growth.
During the fourth quarter, Asia-Pacific and the Rest of the World continued to deliver double- digit performances, while North America, France and the UK were less strong than in the previous 9 months.
Billboard revenues for the full year decreased by 3.8% to €409.2 million. Excluding foreign exchange variations and change in perimeter effects, organic revenues decreased by 3.7%.
JCDecaux’s Billboard activities are concentrated in Europe and this segment remained difficult throughout the year, while the completion of inventory rationalization in France and in Southern Europe also pulled revenues downwards. We however noted a slight rebound in Southern Europe during the fourth quarter driven by a good performance in Spain.
Commenting on the Group’s 2011 revenue performance, Jean-François Decaux, Chairman of the Executive Board and Co-Chief Executive Officer, said:
“Our record 2011 revenues confirm our ability to deliver sound organic revenue growth following the strong rebound in 2010. The quality of our Street Furniture business in key markets such as France, Germany and some emerging markets, coupled with the strength of our Transport business with a unique exposure to Asia-Pacific, made a strong contribution to this performance.
As usual, we will provide guidance for Q1 when we release our full-year 2011 results on March, 8th. We can say, however, that our early bookings are encouraging for the first quarter of the year despite significant uncertainty in the global macro-economic environment.
Going forward, we believe we are well positioned to continue to outperform the advertising market and increase our leadership position in the outdoor advertising industry. The high quality and commitment of our teams across the world, the strength of our product portfolio, digital transformation and geographic spread will continue to drive our organic growth and the strength of our balance sheet will allow us to pursue further external growth opportunities as they arise.”