JCDecaux reports Full Year 2010 Results

• 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.

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.

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.

Commenting on the 2010 results, Jean-Charles Decaux, Chairman of the Executive Board and Co-CEO, said:

“Our 2010 results clearly demonstrate that JCDecaux has emerged in a stronger market position post crisis and we were pleased to be able to announce recently our world leadership in outdoor advertising. The strong operating margin performance achieved in 2010 reflects a balanced cost and capital allocation strategy which has enabled the Group to continue to increase its business in fast growing markets while maximising the positive leverage of recovering revenues in developed markets.

We were also very pleased with the free cash flow of €327m generated in 2010 which, combined with the proposal not to pay a dividend for FY2010, maximises the financial flexibility of the Group and should ensure that we are well prepared to seize consolidation opportunities should they arise. As in the past, we will continue to exercise diligence and discipline when assessing growth opportunities that we believe might be in the best interest of all our stakeholders.

We can also confirm that the positive momentum mentioned in January has continued and we now expect organic revenue growth for Q1 2011 to be around 6%.”

(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 - €7.8m impact of put on minorities actualization in 2010 and - €3.4m in 2009

(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 2011 revenues: 9 May 2011 (after market)

Annual General Meeting of Shareholders: 11 May 2011