Full-Year 2011 Results

• Revenues up 4.8% to €2,463.0 million, organic revenues up 5.7%
• Operating margin increases by 4.8% to €582.1 million
• EBIT increases by 17.2% to €327.1 million
• Net income group share up 22.7% to €212.6 million
• Strong free cash flow at €280.5 million
• Dividend of €0.44 per share proposed for the year
• Expected organic revenue growth around 3% in Q1 2012

Paris, 8 March 2012 - JCDecaux SA (Euronext Paris: DEC), the number one outdoor advertising company worldwide, announced today its results for the year ended December 31, 2011. The accounts are audited and certified.

• Commenting on the 2011 results, Jean-François Decaux, Chairman of the Executive Board and Co-CEO, said:
• “2011 was a record year for JCDecaux with our strongest operating margin achievement despite the challenging environment. We were also able to further enhance our number one position in the global outdoor advertising industry and gain market share in all our key geographies. These results continue to illustrate the good performance of our teams, the strength of our diversified geographic mix and our high quality product offering, generating sound growth in revenues and profits for the year.
• Our strong cash flow generation has enabled JCDecaux to invest for future growth while also further reducing our leverage. This balance sheet flexibility will allow us to continue to develop our business through both organic growth and value accretive acquisitions as they arise and we are also pleased to recommend a dividend of 0.44 euro per share to the AGM in May.
• As far as Q1 2012 is concerned, while the macro-economic environment remains difficult in some European countries, we expect to deliver organic revenue growth of around 3%.
• Finally, we remain confident in our capacity to outperform the media industry through our emerging market exposure, digital development and selective acquisition strategy.”

• Revenues
• As reported on 26 January 2012, consolidated revenues increased by 4.8% to €2,463.0 million in 2011. Excluding foreign exchange variations and change in perimeter effects, organic revenues increased by 5.7% and were mainly driven by the strong growth of the Transport division in Asia-Pacific, and the solid performance of the Street Furniture division in key markets such as France and Germany.

• Operating Margin(1)
• Group operating margin increased by 4.8% to €582.1 million from €555.4 million in 2010. The operating margin as a percentage of consolidated revenues was 23.6%, in line with the previous year.

Street Furniture: Operating margin increased by 2.9% to €386.9 million. As a percentage of revenues, the operating margin was stable compared to 2010 at 32.8% as a direct consequence of the organic revenue increase.

Transport: Operating margin strongly improved in 2011, with a 21.2% year-on-year increase to €139.9 million. As a percentage of revenues, the operating margin improved 120bps to 16.0% reflecting the strong and profitable revenue increase in Asia-Pacific.

Billboard:Operating margin decreased by 13.7% to €55.3 million. As a percentage of revenues, operating margin declined 160bps to 13.5%, compared to 15.1% in 2010. This reflects the impact of the 3.8% decline in reported revenues in part due to the completion of inventory rationalization in France and Southern Europe.

• EBIT(2)
• EBIT increased by 17.2% to €327.1 million, up from €279.0 million in 2010. The Group’s EBIT margin improved to 13.3% of consolidated revenues (2010: 11.9%). Consumption of maintenance spare parts showed a slight decrease, whilst charges associated with depreciation and provisions also decreased, partly due to lower depreciation of tangible assets.

• Net financial income(3)
• Net financial income was almost flat at -€26.9 million compared to -€27.0 million in 2010. This includes a -€9.7 million one-off impact following the reintegration of a consolidated company’s debt towards a minority partner.

• Equity affiliates
• Share of net profit from equity affiliates increased by €10.7 million to €14.6 million, from €3.9 million in 2010. This increase is essentially due to the stronger performance of Affichage Holding in 2011 following the implementation of a number of strategic decisions.

• Net income Group share
• Net income Group share increased by 22.7% to €212.6 million, compared to €173.3 million in 2010. This increase mainly reflects the higher EBIT and the improved share of net profit from equity affiliates, partially offset by higher tax and minority interests.

• Capital expenditure
• Net capex (acquisition of property, plant and equipment and intangible assets, net of disposals of assets) was €167.8 million, compared to €155.2 million in 2010.

• Free Cash flow(4)
• Free cash flow remains strong at €280.5 million in 2011 compared to €327.4 million in 2010. This decrease reflects a lower positive impact from change in working capital and higher capital expenditure.

• Net debt(5)
• Net debt as of 31 December 2011 decreased by €211.3 million to €147.5 million compared to €358.8 million as of 31 December 2010. Net debt as of 31 December 2011 represented 0.3 times 2011 operating margin. In February 2012, the Group renewed its 5-year committed credit line for €600 million.

• Dividend
• At the next Annual General Meeting of Shareholders on 15 May, 2012, the Supervisory Board will recommend the payment of a dividend of €0.44 per share for the 2011 financial year.

1. Operating Margin = Revenues less Direct Operating Expenses (excluding Maintenance spare parts) less SG&A expenses
2. EBIT = Earnings Before Interests and Taxes = Operating Margin less Depreciation, amortization and provisions (net) less Impairment of goodwill less Maintenance spare parts less Other operating income and expenses
3. Net financial income = Excluding the impact of put on minorities actualization (-€5.4 million and -€7.8 million in 2011 and 2010 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 net cash including the non-cash impact of IAS39 (on both debt and derivatives) and excluding the non-cash impact of IAS 32 (debt on commitments to purchase minority interests)

• Next information:
• Q1 2012 revenues: 9 May 2012 (after market)
• Annual General Meeting of Shareholders: 15 May 2012