Quarterly trading update

JCDecaux SA (Euronext Paris: DEC), the number one outdoor advertising company worldwide, announced today its revenue for the nine months ended 30 September 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.

Adjusted revenue for the third quarter of 2015 increased by 14.1% to €764.0 million compared to €669.3 million in Q3 2014. Excluding the positive impact from both foreign exchange variations and changes in perimeter, adjusted revenue grew by 4.3%.
Adjusted advertising revenue, excluding revenue related to sale, rental and maintenance, increased by 4.6% on an organic basis in the third quarter of 2015.
 

Q3 adjusted revenue	2015 (€m)	2014 (€m)	Reported growth	Organic growth(a)
Street Furniture	303.2	288.8	5.0%	3.2%
Transport	347.0	271.7	27.7%	9.7%
Billboard	113.8	108.8	4.6%	-5.9%
Total	764.0	669.3	14.1%	4.3%

1. Excluding acquisitions/divestitures and the impact of foreign exchange

9-month adjusted revenue	2015 (€m)	2014 (€m)	Reported growth	Organic growth(a)
Street Furniture	958.7	886.4	8.2%	4.5%
Transport	941.2	754.8	24.7%	6.4%
Billboard	323.8	332.9	-2.7%	-6.4%
Total	2,223.7	1,974.1	12.6%	3.4%

1. Excluding acquisitions/divestitures and the impact of foreign exchange

Please note that the geographic comments below refer to organic revenue growth.

STREET FURNITURE
Third quarter adjusted revenue increased by 5.0% to €303.2 million (+3.2% on an organic basis). Europe (including France and the UK) was broadly flat. Asia-Pacific was up. The Rest of the World and North America delivered a good double-digit growth rate.
Third quarter adjusted advertising revenue, excluding revenue related to sale, rental and maintenance were up 4.8% on an organic basis compared to the third quarter of 2014.

TRANSPORT
Third quarter adjusted revenue increased by 27.7% to €347.0 million (+9.7% on an organic basis) during the third quarter. Europe (including France and the UK) and Asia-Pacific showed strong growth. The Rest of the World delivered good performance in some markets. North America was up.

BILLBOARD
Third quarter adjusted revenue increased by 4.6% to €113.8 million (-5.9% on an organic basis) during the third quarter. Europe (including France and the UK) was down. The Rest of the World showed negative growth, mainly due to the difficult market conditions in Russia. The integration of Continental Outdoor Media from 1st June, 2015 impacted positively the reported performance.
 

Commenting on the third quarter revenue, Jean-François Decaux, Chairman of the ExecutiveBoard and Co-CEO of JCDecaux, said:

“Our better than expected Q3 organic revenue growth rate of 4.3% reflects both the strongperformance of our Transport division which benefits from an increased exposure to digital nowat 17% of Transport revenues and the sound performance of our Street Furniture business. OurBillboard segment while benefitting from the integration of Continental Outdoor Media in Africaremains weak due to the lack of consolidation in Europe and the difficult market conditions in
Russia.
 

While the UK and North America delivered good growth offsetting the softness of France and theRest of Europe, our faster-growth markets which now represent 37% of Group revenue continuedto perform well despite the slowdown in Greater China.

Bearing in mind the limited visibility and the on-going volatility in most markets, we currentlyexpect Q4 organic revenue growth to be in line with the first nine months revenue growth, drivingthe full year above 3%.

JCDecaux's future revenue growth will accelerate following some recent major contracts wins andbolt-on acquisitions including:
- The London bus shelter contract being the largest one in the world with the installation of1,000 84" screens starting in 2016,
- The expected closing of CEMUSA paving the way for further consolidation in Spain, Italy,Brazil and North America with the New York City Street Furniture contract.

We also announced recently that we have entered into exclusive negotiations with Publicis in thecontext of increasing our equity stake in Metrobus from 33% to 100%.

In addition, we have entered into an agreement to buy the Latin America business of OUTFRONTMedia (Mexico, Chile, Uruguay, Brazil and Argentina) via our subsidiaries JCDecaux LatinAmerica / Corameq, which are 85% owned by JCDecaux SA.

Both transactions are subjected to customary closing conditions, including regulatory approval.

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

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 Q3 2015, the impact of IFRS 11 on adjusted revenue was -€103.1 million (-€81.6 million in Q3 2014), leaving IFRS revenue at €660.9 million (€587.7 million in Q3 2014). For the first nine months of 2015, the impact of IFRS 11 on adjusted revenue was -€275.1 million (-€235.3 million for the first nine months of 2014), leaving IFRS revenue at €1,948.6 million (€1,738.8 million for the first nine months of 2014).

Next information:
Q4 2015 revenue: 28th January, 2016 (after 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.