Full-Year 2015 revenue

• 2015 adjusted revenue up 14.0% to €3,207.6 million
• 2015 adjusted organic revenue up 4.2%
• Q4 adjusted revenue up 17.2% to €983.9 million
• Q4 adjusted organic revenue up 6.2%

JCDecaux SA (Euronext Paris: DEC), the number one outdoor advertising company worldwide, announced today its revenue for the full-year 2015.

Following the adoption of IFRS 11 from 1st January, 2014, the operating data presented below is adjusted to include our prorata share in companies under joint control, and therefore is comparable with historical data. Please refer to the paragraph “Adjusted data” on page 3 of this release for the definition of adjusted data and reconciliation with IFRS.

2015 adjusted revenue increased by 14.0% to €3,207.6 million compared to €2,813.3 million in 2014. Excluding the positive impact from foreign exchange variations and the positive impact from changes in perimeter, adjusted revenue grew by 4.2%.
Adjusted advertising revenue, excluding revenue related to sale, rental and maintenance, increased by 4.4% on an organic basis in 2015.
 
By activity:
 

Full-Year adjusted revenue	2015 (€m)	2014 (€m)	Reported growth	Organic growth(a)
Street Furniture	1,394.3	1,275.7	+9.3%	+4.5%
Transport	1,355.4	1,078.8	+25.6%	+8.0%
Billboard	457.9	458.8	-0.2%	-5.3%
Total	3,207.6	2,813.3	+14.0%	+4.2%

(a)Excluding acquisitions/divestitures and the impact of foreign exchange
 
 

Q4 adjusted revenue	2015 (€m)	2014 (€m)	Reported growth	Organic growth(a)
Street Furniture	435.6	389.3	+11.9%	+4.3%
Transport	414.2	324.0	+27.8%	+11.7%
Billboard	134.1	125.9	+6.5%	-2.3%
Total	983.9	839.2	+17.2%	+6.2%

(a)Excluding acquisitions/divestitures and the impact of foreign exchange
 
By geographic area:
 

Full-Year adjusted revenue	2015 (€m)	2014 (€m)	Reported growth	Organic growth(a)
Asia-Pacific	832.6	656.2	+26.9%	+9.3%
Europe (b)	829.8	765.0	+8.5%	+5.3%
France	613.5	621.3	-1.3%	-1.3%
United Kingdom	369.6	331.2	+11.6%	+0.4%
Rest of the World	335.0	270.3	+23.9%	+5.4%
North America	227.1	169.3	+34.1%	+5.4%
Total	3,207.6	2,813.3	+14.0%	+4.2%

(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
Full-year adjusted revenue increased by 9.3% to €1,394.3 million (+4.5% on an organic basis). Europe (including France and the UK) was up. Asia-Pacific and North America showed good growth. The Rest of the World delivered double-digit organic revenue growth.

In the fourth quarter, adjusted revenue increased by 11.9% to €435.6 million (+4.3% on an organic basis). Europe (including France and the UK) and North America were up. Asia-Pacific and the Rest of the World saw strong double-digit growth across most markets.
Fourth quarter adjusted advertising revenue, excluding revenue related to sale, rental and maintenance were up 6.3% on an organic basis compared to the fourth quarter of 2014.

TRANSPORT
Full-year adjusted revenue increased by 25.6% to €1,355.4 million (+8.0% on an organic basis). Asia-Pacific continued to deliver strong growth with China being resilient. Europe (including France and the UK) showed good growth. North America was up. The Rest of the World delivered double-digit organic revenue growth.

In the fourth quarter, adjusted revenue increased by 27.8% to €414.2 million (+11.7% on an organic basis). Europe (including France and the UK) delivered good growth. North America was up. Asia-Pacific, with a solid performance in Greater China, and the Rest of the World were up double-digit.

BILLBOARD
Full-year adjusted revenue fell by -0.2% to €457.9 million (-5.3% on an organic basis). Europe (including France and the UK) was down. The Rest of the World saw negative growth, mainly due to the difficult market conditions in Russia.

In the fourth quarter, adjusted revenue increased by 6.5% to €134.1 million (-2.3% on an organic basis). Europe (including France and the UK) was down, whereas the Rest of the World saw positive growth.

Commenting on the Group’s 2015 revenue performance, Jean-François Decaux, Chairman of the Executive Board and Co-CEO of JCDecaux, said:
“JCDecaux achieved another year of record revenue in 2015 at 3,208 million euros, with an organic growth rate of +4.2%. Our better than expected Q4 organic revenue growth rate of +6.2%was driven by a double-digit organic growth rate in our faster-growth markets and a return to advertising revenue growth in France. Our premium digital portfolio now represents 10.5% of our Group revenue which is 34.6% above last year, with countries like the UK and the US where digital already represents 36% and 21% of their revenue, respectively.

The Rest of Europe and North America delivered good growth in 2015 offsetting the softness of France and the UK. Our faster-growth markets representing now 37% of our Group revenue continue to perform well despite the slowdown in Greater China.

Our Street Furniture division which represents 43% of our total revenue continues to perform well and benefits from both an increased exposure to faster-growth markets as well as the introduction of digital screens in a few cities like Hamburg, Cologne, Helsinki, Edinburgh... The strong performance of our Transport division reflects the resilience of China combined with a growing digital footprint which now makes 17.5% of our Transport revenue. Our Billboard business remains challenging due the lack of consolidation in Europe and very difficult market conditions in Russia despite the successful integration of Continental Outdoor Media, owned at 70%, in Africa and the strong growth of our new digital billboard network in Chicago.

2015 was a very successful year for organic contract wins / renewals including the London bus- shelter contract from TfL which is the largest one in the world, Guangzhou metro, Hong Kong island buses, 4 airports in Brazil including Brasilia and Rio de Janeiro and Copenhagen street furniture contract.

We also continue to drive the consolidation of the Outdoor Advertising industry with some strategic regional acquisitions such as the integration of Continental Outdoor Media, which allows us to be the market leader in Africa, the increase of our stake from 32.35% to 60% in IGPDecaux in Italy and the acquisition of 70% of Eye Catcher in Peru. The closing of CEMUSA in November enables us to further consolidate the market in Spain, Italy, Brazil and North America with the New York Street Furniture contract.

Other ongoing acquisitions involve the Latin American activities of OUTFRONT Media and the deal to increase our equity stake in Metrobus in France, from 33% to 100%. Both regional acquisitions are subject to customary closing conditions, including antitrust regulatory approval.

Looking forward, we remain convinced that out-of-home retains its strength and attractiveness in an increasingly fragmented media landscape. With our accelerating exposure to faster-growth markets, our growing premium digital portfolio, our ability to win new contracts and the high quality of our teams across the world, we believe we are well positioned to outperform the advertising market and increase our leadership position in the outdoor advertising industry through profitable market share gains. The strength of our balance sheet is a key competitive advantage that will allow us to pursue further external growth opportunities as they arise.

As usual, we will provide guidance for Q1 when we release our full-year 2015 results on 3rd March.”

ADJUSTED DATA
Under IFRS 11, applicable from 1st January, 2014, companies under joint control are accounted for using the equity method.
However in order to reflect the business reality of the Group, operating data of the companies under joint control will continue to be proportionately integrated in the operating management reports used to monitor the activity, allocate resources and measure performance. Consequently, pursuant to IFRS 8, Segment Reporting presented in the financial statements shall comply with the Group’s internal information, and the Group’s external financial communication will therefore rely on this operating financial information. Financial information and comments will therefore be based on “adjusted data”, consistent with historical data, which will be reconciled with IFRS financial statements.
In Q4 2015, the impact of IFRS 11 on adjusted revenue was -€125.4 million (-€95.8 million in Q4 2014), leaving IFRS revenue at €858.5 million (€743.4 million in Q4 2014).
For the full-year 2015, the impact of IFRS 11 on adjusted revenue was -€400.5 million (-€331.1 million for the full-year 2014), leaving IFRS revenue at €2,807.1 million (€2,482.2 million for the full-year 2014).

NEXT INFORMATION:
2015 annual results: 3rd March, 2016 (before market)

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 annual report registered in France with the French Autorité des Marchés Financiers.
Investors and holders of shares of the Company may obtain copy of such annual report 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.