JCDecaux : Full-Year 2023 revenue
Full-Year 2023 revenue
- 2023
adjusted revenue up +7.6% to €3,570.0 million
- 2023
adjusted organic revenue up +8.7%
- Fourth
quarter 2023 adjusted revenue up +9.4% to €1,130.0
million
- Fourth
quarter 2023 adjusted organic revenue up +10.3%
Paris, January
25th, 2024 – JCDecaux SE
(Euronext Paris: DEC), the number one outdoor advertising company
worldwide, announced today its revenue for the full-year 2023.
Commenting on the Group’s 2023 revenue
performance, Jean-François Decaux, Chairman of the
Executive Board and Co-CEO of JCDecaux, said:
“Our 2023 Group revenue grew by +7.6%, +8.7% on
an organic basis, to reach €3,570.0 million driven by digital, the
continued growth of street furniture and the ongoing recovery of
our transport activities.
Our record Q4, with the highest quarterly
revenue ever for our company, grew by +10.3% on an organic basis
and +9.4% on a reported basis. This strong growth was driven by
higher-than-expected digital revenue growth during this year-end
period of high demand and by our transport business which was back
to pre-Covid revenue level outside China.
Digital Out of Home (DOOH) grew by +20.5% in Q4
2023, +22.9% on an organic basis, and by +20.8% in full-year 2023,
+22.7% on an organic basis, to reach a record of 38.2% of Group
revenue in Q4 and of 35.3% of Group revenue in full-year 2023,
while analogue advertising revenue also grew in 2023 despite the
conversion of some analogue sites to digital. We maintained our
focus on the selective roll-out of digital screens in prime
locations, as well as on the development of our data and
programmatic capabilities.
Programmatic advertising revenues through the
VIOOH SSP (supply-side platform), which constitute mostly
incremental revenue from innovative dynamic data-driven campaigns
and new advertisers grew by +63.5% in 2023 to reach €100.2 million
i.e. 8.0% of our digital revenue in 2023. The DOOH programmatic
ecosystem continued to gain traction, with the dynamism and the
growing number of DSPs (demand-side platforms) connected to VIOOH
(the most connected SSP of the OOH media industry with 42 DSPs
connected) now active in 22 countries, including Displayce a DSP
connected in 53 countries.
All activities grew positively organically in Q4
2023. Street Furniture delivered a solid organic revenue growth of
+6.7% driven by digital and a continued high demand from
advertisers. Transport's organic revenue growth reached +20.0%,
back to pre-COVID level outside of China, aligning with the global
airport passenger traffic recovery, which is now at pre-COVID
level, except for international traffic in China. Billboard grew by
+1.3% organically driven by its most digitised markets.
All geographies grew positively organically in
Q4 2023 including Asia-Pacific, UK and North America growing
double-digit. France, UK, Rest of Europe and Rest of the World were
above their 2019 revenue levels, while Asia remained significantly
behind mainly due to China. The recovery of our activity in China
is continuing, at a better pace this quarter, thus reducing the gap
with 2019.
We will provide a revenue guidance for Q1 2024
when we release our full-year 2023 results on March 7th, 2024.
We are confident that Out of Home (OOH) will
continue to grow its market share in a fragmented media landscape
with Digital Out of Home (DOOH) being the second fastest growing
media segment. JCDecaux as the industry leader and the most
digitised global OOH Media company is well positioned to benefit
from this digital transformation.”
Following the adoption of IFRS 11 from
January 1st, 2014, the operating data presented below are
adjusted to include our prorata share in companies under joint
control.Please refer to the paragraph “Adjusted data” on page 3 of
this release for the definition of adjusted data and reconciliation
with IFRS.The values shown in the tables are generally expressed in
millions of euros. The sum of the rounded amounts or variations
calculations may differ, albeit to an insignificant extent, from
the reported values.Adjusted revenue for the 2023 fourth quarter
increased by +9.4% to €1,130.0 million from
€1,033.3 million in the same period last year. On an organic
basis (i.e. excluding the negative impact of €22.6 million
from foreign exchange variations and the positive impact of €13.1
million from changes in perimeter this quarter), adjusted revenue
increased by +10.3%. Adjusted advertising revenue, excluding
revenue related to sale, rental and maintenance of street furniture
and advertising displays, increased by +10.7% on an organic basis
in the fourth quarter of 2023.
Q4 adjusted revenue |
2023 (€m) |
2022 (€m) |
Reported growth |
Organic growth(a) |
Street Furniture |
584.3 |
545.1 |
+7.2% |
+6.7% |
Transport |
393.8 |
338.4 |
+16.4% |
+20.0% |
Billboard |
151.9 |
149.8 |
+1.4% |
+1.3% |
Total |
1,130.0 |
1,033.3 |
+9.4% |
+10.3% |
(a) Excluding acquisitions/divestitures and the impact of
foreign exchange
Full-year adjusted revenue |
2023 (€m) |
2022 (€m) |
Reported growth |
Organic growth(a) |
Street Furniture |
1,839.0 |
1,747.0 |
+5.3% |
+5.1% |
Transport |
1,232.6 |
1,075.2 |
+14.6% |
+18.4% |
Billboard |
498.4 |
494.3 |
+0.8% |
+0.7% |
Total |
3,570.0 |
3,316.5 |
+7.6% |
+8.7% |
(a) Excluding acquisitions/divestitures and the impact of
foreign exchange
By geographic area:
Full-Year adjusted revenue |
2023 (€m) |
2022 (€m) |
Reported growth |
Organic growth(a) |
Europe (b) |
1,056.9 |
988.3 |
+6.9% |
+5.6% |
Asia-Pacific |
768.1 |
721.5 |
+6.5% |
+13.0% |
France |
634.2 |
598.0 |
+6.1% |
+3.8% |
Rest of the World |
469.6 |
416.8 |
+12.7% |
+14.1% |
United Kingdom |
355.7 |
322.5 |
+10.3% |
+12.5% |
North America |
285.4 |
269.3 |
+6.0% |
+6.7% |
Total |
3,570.0 |
3,316.5 |
+7.6% |
+8.7% |
(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 +5.3% to
€1,839.0 million (+5.1% on an organic basis) year-on-year
significantly above full-year 2019 revenue with a continued strong
sales momentum throughout the year. Most geographies grew high
single-digit year-on-year. France, UK, Rest of Europe and Rest of
the World were above 2019 revenue levels.
In the fourth quarter, adjusted revenue
increased by +7.2% to €584.3 million (+6.7% on an organic
basis) year-on-year and was significantly above the 2019 revenue
level. UK and Asia-Pacific grew double-digit year-on-year. All
regions except Asia-Pacific were above Q4 2019 revenue levels.
TRANSPORT
Full-year adjusted revenue increased by +14.6%
to €1,232.6 million (+18.4% on an organic basis) year-on-year
reflecting the recovery of air travel which was back to 2019 level,
except for international air traffic in China, and the rebound of
commuter traffic in public transport. France, UK, North America,
Asia-Pacific and Rest of the World grew double-digit year-on-year
while Rest of Europe grew high single-digit.
In the fourth quarter, the sequential
improvement continued, including in China, with an adjusted revenue
growth of +16.4% to €393.8 million (+20.0% on an organic
basis) year-on-year. All geographies grew double-digit
year-on-year. Transport revenue outside China was back to 2019
revenue level.
BILLBOARD
Full-year adjusted revenue increased by +0.8% to
€498.4 million (+0.7% on an organic basis) year-on-year driven
by the most digitised markets. UK, Rest of Europe, North America,
Asia-Pacific and Rest of the World significantly grew year-on-year,
while France decreased mainly due to a reglementary reduction and
rationalisation of the number of sites.
In the fourth quarter, adjusted revenue
increased by +1.4% to €151.9 million (+1.3% on an organic
basis) year-on-year. Total revenue outside of France was above Q4
2019 revenue.
ADJUSTED DATA
Under IFRS 11, applicable from
January 1st, 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 by directors to monitor
the activity, allocate resources and measure
performance.Consequently, pursuant to IFRS 8, Segment Reporting
presented in the financial statements complies with the Group’s
internal information, and the Group’s external financial
communication therefore relies on this operating financial
information. Financial information and comments are therefore based
on “adjusted” data, consistent with historical data, which is
reconciled with IFRS financial statements.In Q4 2023, the
impact of IFRS 11 on adjusted revenue was -€90.0 million
(-€74.7 million in Q4 2022), leaving IFRS revenue at
€1,039.9 million (€958.7 million in Q4 2022).For
2023, the impact of IFRS 11 on adjusted revenue was
-€274.1 million (-€242.5 million for the full-year
2022), leaving IFRS revenue at €3,295.9 million
(€3,074.0 million for the full-year 2022).
ORGANIC GROWTH DEFINITION
The Group’s organic growth corresponds to the
adjusted revenue growth excluding foreign exchange impact and
perimeter effect. The reference fiscal year remains unchanged
regarding the reported figures, and the organic growth is
calculated by converting the revenue of the current fiscal year at
the average exchange rates of the previous year and taking into
account the perimeter variations prorata temporis, but including
revenue variations from the gains of new contracts and the losses
of contracts previously held in our portfolio.
€m |
|
Q1 |
Q2 |
Q3 |
Q4 |
FY |
|
|
|
|
|
|
|
2022 adjusted revenue |
(a) |
683.0 |
791.8 |
808.4 |
1,033.3 |
3,316.5 |
|
|
|
|
|
|
|
2023 IFRS revenue |
(b) |
671.8 |
795.2 |
789.0 |
1,039.9 |
3,295.9 |
IFRS 11 impacts |
(c) |
49.5 |
68.6 |
66.0 |
90.0 |
274.1 |
2023 adjusted revenue |
(d) = (b) + (c) |
721.3 |
863.7 |
855.0 |
1,130.0 |
3,570.0 |
Currency impacts |
(e) |
1.2 |
19.1 |
33.4 |
22.6 |
76.3 |
2023 adjusted revenue at 2022 exchange rates |
(f) = (d) + (e) |
722.5 |
882,8 |
888.4 |
1,152.6 |
3,646.3 |
Change in scope |
(g) |
-5.7 |
-9.3 |
-12.2 |
-13.1 |
-40.3 |
2023 adjusted organic revenue |
(h) = (f) + (g) |
716.8 |
873.6 |
876.2 |
1,139.5 |
3,606.0 |
|
|
|
|
|
|
|
Organic growth |
(i) = (h)/(a)-1 |
+5.0% |
+10.3% |
+8.4% |
+10.3% |
+8.7% |
€m |
Impact of currencyas of December
31st, 2023 |
|
|
CNY |
18.5 |
AUD |
16.9 |
USD |
7.9 |
GBP |
7.3 |
Others |
25.8 |
|
|
Total |
76.3 |
Average exchange rate |
FY 2023 |
FY 2022 |
|
|
|
CNY |
0.1305 |
0.1413 |
AUD |
0.6140 |
0.6593 |
USD |
0.9246 |
0.9496 |
GBP |
1.1497 |
1.1727 |
Next information:2023 annual results: March 7th,
2024 (before market) |
Key Figures for JCDecaux
- 2023 revenue: €3,570.0m(a)
- N°1 Out-of-Home Media company
worldwide
- A daily audience of more than 850
million people in more than 80 countries
- 1,040,132 advertising panels
worldwide
- Present in 3,573 cities with more
than 10,000 inhabitants
- 11,200 employees
- JCDecaux is listed on the Eurolist
of Euronext Paris and is part of the Euronext 100 and Euronext
Family Business indexes
- JCDecaux is recognised for its
extra-financial performance in the FTSE4Good (3.4/5), CDP (A-),
MSCI (AA), Sustainalytics (13.5), and has achieved Gold Medal
status from EcoVadis
- 1st Out-of-Home Media company to
join the RE100
- Leader in self-service bike rental
scheme: pioneer in eco-friendly mobility
- N°1 worldwide in street furniture
(604,536 advertising panels)
- N°1 worldwide in transport
advertising with 153 airports and 205 contracts in metros, buses,
trains and tramways (333,620 advertising panels)
- N°1 in Europe for billboards
(101,976 advertising panels worldwide)
- N°1 in outdoor advertising in
Europe (654,957 advertising panels)
- N°1 in outdoor advertising in
Asia-Pacific (170,973 advertising panels)
- N°1 in outdoor advertising in Latin
America (129,305 advertising panels)
- N°1 in outdoor advertising in
Africa (24,198 advertising panels)
- N°1 in outdoor advertising in the
Middle East (19,371 advertising panels)
(a) Adjusted revenue
For more information about JCDecaux, please
visit jcdecaux.com.Join us on Twitter, LinkedIn, Facebook,
Instagram and YouTube.
Forward looking statementsThis
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 universal registration document
registered in France with the French Autorité des Marchés
Financiers.Investors and holders of shares of the Company may
obtain copy of such universal registration document 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.
Communications
Department: Albert Asséraf+33 (0)
1 30 79 79 10 – albert.asseraf@jcdecaux.com
Investor
Relations: Rémi Grisard+33 (0) 1 30 79 79
93 – remi.grisard@jcdecaux.com
- ENG 25-01-24 # JCDecaux Q4 2023
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