Revenue improvement for the first-half of 2005 (+ 5.5%) supported by good organic growth

• Paris, 27 July 2005 – JCDecaux SA (Euronext Paris: DEC), the number one outdoor advertising company in Europe and the number two worldwide, announced today its revenues for the six months ended 30 June 2005, reporting a 5.5% increase to €833.7 million compared to the same period last year. Excluding acquisitions and the impact of foreign exchange, organic revenue growth was 5.1%.
• In the second quarter, consolidated revenues grew by 5.0% to €454.0 million (+3.2% on an organic basis) compared to the same period last year. This growth in revenues is in line with the Company’s previous comments and reflects a good performance in Street Furniture and the continued improvement in Transport.

• Reported revenues (Under IFRS standards) 

(€ M)	2005			2004			Change 05/04 (%)
	Q1	Q2	H1	Q1	Q2	H1	Q1	Q2	H1
Street Furniture	211.9	243.0	454.9	196.9	232.5	429.4	7.6%	4.5%	5.9%
Billboard	99.0	115.4	214.4	96.2	118.7	214.9	2.9%	-2,8%	-0.3%
Transport	68.8	95.6	164.4	65.0	81.0	146.0	5.9%	17.9%	12.6%
Total	379.7	454.0	833.7	358.1	432.2	790.3	6.0%	5.0%	5.5%

•  Organic growth (1) 

(€ M)	Change 05/04 (%)
	Q1	Q2	H1
Street Furniture	8.3%	4.0%	5.9%
Billboard	3.5%	-3.2%	-0.2%
Transport	9.8%	10.5%	10.2%
Total	7.3%	3.2%	5.1%

• (1)excluding acquisitions/divestitures, the impact of foreign exchange and the revenue reclassification of some activities in 2005.

Street Furniture revenues for the first half of 2005 increased by 5.9% to €454.9 million. Excluding acquisitions and the impact of foreign exchange, organic revenues grew by 5.9%. Core advertising revenues, excluding revenues related to the sale, rental and maintenance of street furniture contracts, rose by 6.7% organically.

In the second quarter, revenues increased by 4.5% to €243.0 million (+4.0% on an organic basis) compared to the same period last year. The Street Furniture market continued to be very robust in some European countries including Sweden and Finland, where double-digit revenue growth was reported, and in Spain and Germany where revenues grew in high single-digits for the second consecutive quarter. The UK and the Netherlands achieved a strong revenue performance, however, in France, revenue growth was flat, although core advertising revenues increased slightly.

The US produced strong revenue growth and Asia-Pacific continued to record double-digit revenue growth, with Korea, Japan and Thailand reporting the best performances.

Billboard revenues for the first half decreased by 0.3% to €214.4 million, reflecting tougher advertising conditions in the second quarter in our large European markets of France and the UK. Excluding acquisitions and the impact of foreign exchange, organic revenues decreased by 0.2% over the period.

In the second quarter, revenues decreased by 2.8% to €115.4 million (-3.2% on an organic basis). Market conditions were favorable in Ireland and Spain, which reported strong revenue growth over the period. However, revenues were down in Belgium, Austria, Italy and Portugal, against last year’s very high comparators and the benefits of Euro 2004. Revenues were flat in France and down in the UK compared to the second quarter last year.

Transport revenues for the first half increased by 12.6% to €164.4 million. Excluding acquisitions and the impact of foreign exchange, organic revenues increased by 10.2% over the period.

• In the second quarter, revenues increased by 17.9% to €95.6 million (+10.5% on an organic basis), with the recent acquisition of MediaNation making a first time contribution.
• Double-digit organic revenue growth was achieved in many European countries including the UK, Spain, Norway, Germany and Austria. Similar revenue increases were reported in Hong Kong and Chile. However, as in Street Furniture and Billboard, business was more difficult in France, where revenues decreased over the period. Revenues were also lower in Portugal, which had reported record-high revenue figures in the second quarter of 2004, just before the Euro 2004.

Commenting on first half revenues, Jean-François Decaux, Chairman of the Board and co-Chief Executive Officer, said:

• “As anticipated, revenue growth in the second quarter was lower than in the first, mainly due to weaker advertising conditions in France and in the Billboard market in the UK. Our good performance over the half year was driven by solid Street Furniture revenue growth and continued double-digit revenue improvement from our Transport division.
• For 2005, we still expect to achieve organic revenue growth of around 4 %, with a slower profit growth rate at operating margin -former EBITDA- and EBIT levels, reflecting the slight first-half revenue decrease in France and the higher revenue proportion from the lower-margin Transport division.”

• Next information :
• H1 2005 results to be reported for the first time under IFRS : 14 September 2005

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• Forward Looking Statement
• Certain statements in this release constitute « forward-looking statements » within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The words or phrases « guidance », « expect », « anticipate », « estimates » and « forecast » and similar words or expressions
• are intended to identify such forward-looking statements. In addition, any statements that refer to expectations or other characterizations of future events or circumstances are forward-looking statements. Various risks that could cause future results to differ from those expressed by the forward-looking statements included in this release include, but are not limited to : changes in economic conditions in the U.S. and in other countries in which JCDecaux currently does business (both general and relative to the advertising and entertainment industries) ; fluctuations in interest rates ; changes in industry conditions ; changes in operating performance ; shifts in population and other demographics ; changes in the level of competition for advertising dollars ; fluctuations in operating costs ; technological changes and innovations ; changes in labor conditions ; changes in governmental regulations and policies and actions of regulatory bodies ; fluctuations in exchange rates and currency values ; changes in tax rates ; changes in capital expenditure requirements and access to capital markets. Other key risks are described in the JCDecaux reports filed with the U.S. Securities and Exchange Commission. Except as otherwise stated in this news announcement, JCDecaux does not undertake any obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise.