H1 2007 results solid results with net income Group share up 7.3% to €114.1million

• Revenues up 7.7% to €1,019.0 million, organic revenues up 6.9%
• Operating margin rises 5.7% to €280.0 million
• EBIT up 3.5% to €175.7 million
• Net income Group share rises 7.3% to €114.1 million
• 2007 organic revenue growth expected to be maintained in a range similar to 2006 level of 7-8%

Paris, 12 September 2007 - JCDecaux SA (Euronext Paris: DEC), the number one outdoor advertising company in Europe and Asia-Pacific and the number two worldwide, announced today its results for the six months ended 30 June 2007, reflecting sound organic revenue growth and a solid operating performance.

• Revenues
• As reported on 24 July 2007, consolidated revenues increased by 7.7% in the first half of 2007 to €1,019.0 million. Excluding acquisitions and the impact of foreign exchange, organic revenues increased by 6.9%. This growth in revenues reflected improvement across all three divisions with a very strong progression in Transport, which showed double-digit organic growth, and a solid performance from Billboard.

• Operating Margin(1)
• Operating margin increased by 5.7% to €280.0 million from €265.0 million in the first half of 2006. The Group’s operating margin as a percentage of consolidated revenues reached 27.5%, a decrease of 50 basis points compared to the prior period (H1 2006: 28.0%), reflecting a decrease in the Street Furniture operating margin as a percentage of revenues, partly offset by a strong increase in operating margin from the Billboard division.

• Street Furniture: operating margin rose by 1.5% to €210.7 million. The operating margin as a percentage of revenues was 41.3%, a decrease of 140 basis points from 42.7% in the same period last year. Double-digit operating margin increases were recorded in many European markets including Germany, Belgium, Scandinavia and Central & Eastern Europe, while the United Kingdom achieved solid operating margin growth. In France, the operating margin decreased over the period, following the decline in revenues which was mainly due to a soft French advertising market in the first half and the contract renewal cycle.
• Transport: operating margin increased by 13.1% to €25.9 million, leading to a rise in operating margin as a percentage of revenues of 10 basis points to 9.7% from 9.6% in the same period last year. This improvement was driven by strong revenue progression in many of our markets in the first half. Double digit operating margin increases were achieved in most of our geographies including France, Germany, Scandinavia, Spain, Portugal, the United States and mainland China.
• Billboard: operating margin increased by 25.8% to €43.4 million. As a percentage of revenues, the operating margin reached 17.9% compared to 15.5% in 2006, an improvement of 240 basis points. This significant increase was driven by strong revenue growth over the period, the results of continued investment in quality locations as well as the ongoing benefits from the cost control program and inventory management. Operating leverage was particularly strong in the United Kingdom, Spain and France, where the operating margin grew in double digits in all these areas.

• EBIT(2)
• EBIT increased by 3.5% to €175.7 million, up from €169.8(3) million in the first half of 2006. The Group’s EBIT margin was 17.2% of consolidated revenues, down from 18.0% in the same period last year. The increase in operating margin was partly offset by higher depreciation and consumption of maintenance spare parts over the period.
• Net income Group share
• Net income Group share increased by 7.3% to €114.1 million, compared to €106.3 million(3) in the first half of 2006. This improvement reflects the increase in EBIT, the strong progression of equity affiliates as well as a decrease in the tax rate.

• Capital expenditure
• Net capex (acquisition of tangible and intangible assets, net of disposals of assets) was €136.5 million, compared to €82.0 million in the same period last year.
• This rise is due to the planned increase in renewal capex and the initial €39.0 million pre-payment paid under the recently announced Shanghai Metro contract.
• The €39.0 million initial pre-payment is the first installment of the €78.0 million payment due to the Shanghai metro authority (booked as an intangible asset). This payment follows the signing of a 15-year exclusive advertising contract for Shanghai’s 13 subway lines, allowing JCDecaux to operate and sell advertising within one of the largest subway systems in the world.

• Free cash flow
• Free cash flow(4) decreased to €7.8 million from €66.5 million in the first half of 2006, reflecting the significant increase in net capex over the period as well as a negative working capital variation. This variation is due to a strong increase in inventory as at 30 June 2007, linked to the installation of the bicycle scheme and new advertising structures in Paris as of July 2007.

• Net debt(5)
• Net debt as of 30 June 2007 increased by €93.2 million to €788.2 million compared to €695.0 million as of 31 December 2006.
• Commenting on the H1 2007 results, Jean-François Decaux, Chairman of the Executive Board and Co-CEO, said: “We are pleased with our results for the half of 2007 which are, once again, underpinned by good organic growth. The revenue progression over the period has enabled us to generate sound profit growth, with particularly strong operating leverage achieved in our Billboard division.
• 2007 is an important year for the Group, with major Street Furniture contract renewals in France and further expansion abroad, particularly in emerging markets where we see significant opportunities for outdoor advertising. As previously indicated, while the renewal of significant Street Furniture franchises will affect the division’s operating margin as a percentage of revenues in the current year, this decrease will be partly offset by the margin expansion in our Transport and Billboard divisions. The investments in 2007 will pave the way for future profit and free cash flow growth and we therefore look forward to the future with confidence and believe that the Group is well positioned in all its markets.
• We continue to expect that our organic revenue growth in 2007 will be similar to that of 2006, within a likely range of 7-8%, reflecting an acceleration of organic revenue growth in the second half due to ongoing strength in the Transport division, a stronger growth rate in Street Furniture and improved market conditions in France.”

• Next information:
• Q3 2007 revenues: 6 November 2007 (after market)