JCDecaux: Full-Year 2020 revenue
Full-Year 2020 revenue
· 2020
adjusted revenue down -40.6% to €2,311.8 million
· 2020
adjusted organic revenue down -38.1%
· Q4
2020 adjusted revenue down -38.0% to
€695.1 million
· Q4
2020 adjusted organic revenue down -33.9%
· No
quarterly guidance on adjusted organic revenue growth due to
Covid-19
Paris, January 28th, 2021 – JCDecaux
SA (Euronext Paris: DEC), the number one outdoor
advertising company worldwide, announced today its revenue for the
full-year 2020.
Following the adoption of IFRS 11 from January
1st, 2014, the operating data presented below is 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.
2020 adjusted revenue decreased by -40.6% to
€2,311.8 million compared to €3,890.2 million in 2019. Excluding
the negative impact from foreign exchange variations and the
negative impact from changes in perimeter, adjusted organic revenue
decreased by -38.1%.Adjusted organic advertising revenue, excluding
revenue related to sale, rental and maintenance of street furniture
and advertising displays, decreased by -39.5% in 2020.
Adjusted revenue of the fourth quarter of 2020
decreased by -38.0% to €695.1 million compared to €1,122.0 million
in Q4 2019. Excluding the negative impact from foreign exchange
variations and the negative impact from changes in perimeter,
adjusted organic revenue decreased by -33.9%.Adjusted organic
advertising revenue, excluding revenue related to sale, rental and
maintenance of street furniture and advertising displays, decreased
by -34.9% in the fourth quarter of 2020.
By activity:
Full-Year adjusted revenue |
2020 (€m) |
2019 (€m) |
Reported growth |
Organic growth(a) |
Street Furniture |
1,131.1 |
1,688.2 |
-33.0% |
-31.9% |
Transport |
810.9 |
1,636.4 |
-50.4% |
-47.1% |
Billboard |
369.7 |
565.6 |
-34.6% |
-30.8% |
Total |
2,311.8 |
3,890.2 |
-40.6% |
-38.1% |
(a) Excluding acquisitions/divestitures and the impact of
foreign exchange
Q4 adjusted revenue |
2020 (€m) |
2019 (€m) |
Reported growth |
Organic growth(a) |
Street Furniture |
369.5 |
507.3 |
-27.2% |
-25.2% |
Transport |
215.4 |
458.7 |
-53.0% |
-47.6% |
Billboard |
110.2 |
156.0 |
-29.4% |
-21.7% |
Total |
695.1 |
1,122.0 |
-38.0% |
-33.9% |
(a) Excluding acquisitions/divestitures and the impact of
foreign exchange
By geographic area:
Full-Year adjusted revenue |
2020 (€m) |
2019 (€m) |
Reported growth |
Organic growth(a) |
Europe (b) |
694.3 |
997.9 |
-30.4% |
-30.6% |
Asia-Pacific |
603.5 |
1,105.0 |
-45.4% |
-40.9% |
France |
442.8 |
618.8 |
-28.4% |
-28.4% |
Rest of the World |
206.3 |
450.2 |
-54.2% |
-45.1% |
United Kingdom |
203.8 |
382.1 |
-46.7% |
-46.1% |
North America |
161.3 |
336.1 |
-52.0% |
-51.0% |
Total |
2,311.8 |
3,890.2 |
-40.6% |
-38.1% |
(a) Excluding acquisitions/divestitures and the
impact of foreign exchange (b) Excluding France and the
United Kingdom
Please note that the geographic comments
hereafter refer to organic revenue growth.
STREET FURNITURE
Full-year adjusted revenue decreased by -33.0%
to €1,131.1 million (-31.9% on an organic basis),
significantly impacted throughout the year by the Covid-19 pandemic
with Street Furniture audiences dropping by more than 60% during
lockdowns. As soon as these lockdowns were lifted, the urban
mobility increased significantly in most European and in some Asian
cities to reach pre-Covid level, while inner areas in cities such
as London, NYC, Chicago, Sydney, … with the highest workplace
density saw the lowest mobility increase. France and the Rest of
Europe performed much better than UK, Asia-Pacific, the Rest of the
World and North America thanks to better city audience figures.
In the fourth quarter, adjusted revenue
decreased by -27.2% to €369.5 million (-25.2% on an organic
basis), having the same trend as Q3 2020 impacted by lockdowns
or curfews taken by national governments and local authorities.
France, UK and the Rest of Europe performed better than the Rest of
the World, Asia-Pacific and North America.Fourth quarter adjusted
organic advertising revenue, excluding revenue related to sale,
rental and maintenance of street furniture were down -26.4%
compared to the fourth quarter of 2019.
TRANSPORT
Full-year adjusted revenue decreased by -50.4%
to €810.9 million (-47.1% on an organic basis), significantly
impacted throughout the year by the Covid-19 pandemic with
Transport audiences dropping around 90% during lockdowns.
International air travel restrictions continued during 2020 leading
to a 60% reduction in global passenger traffic with domestic air
travel coming back to pre‑Covid level in China towards the end of
the year. Subway audiences also returned to almost pre‑Covid level
in China at the end of the year while rail traffic for example in
UK remained far below pre‑Covid level. UK, France, the Rest
of the World and North America were the most affected regions.
In the fourth quarter, adjusted revenue
decreased by -53.0% to €215.4 million (-47.6% on an organic
basis), a slight improvement from Q3 2020, mainly driven by
Mainland China where the on-going recovery in domestic traffic
continued, in both metros and airports, but with advertising
revenue slightly lagging, while international air traffic remained
highly impacted. UK, North America and France were the most
affected regions.
BILLBOARD
Full-year adjusted revenue decreased by -34.6%
to €369.7 million (-30.8% on an organic basis), significantly
impacted throughout the year by the Covid-19 pandemic with car
traffic dropping by more than 60% during lockdowns. As soon as
lockdowns were lifted, there was a rapid return of driving
audiences with local advertising sales showing some resilience. UK,
North America and Asia-Pacific were the most affected regions.
In the fourth quarter, adjusted revenue
decreased by -29.4% to €110.2 million (-21.7% on an organic
basis), improving from Q3 2020 driven by the Rest of the
World, Asia-Pacific and UK but still affected by measures taken by
national governments and local authorities.
Commenting on the Group’s 2020 revenue
performance, Jean-Charles Decaux, Chairman of the Executive
Board and Co-CEO of JCDecaux, said:
“JCDecaux , the world’s largest Out-of-Home
media company, faced for the first time in its 56-year history a
dramatic global audience fall caused by the Covid-19 pandemic which
forced national, regional and local governments to impose
unprecedented mobility restrictions in modern history such as
lockdowns, curfews, closures of stores, restaurants, cinemas, …
As a result, the 2020 Group revenue dropped by
-40.6% to reach €2,311.8 million with an organic revenue
decline at -38.1%, with our digital revenue now representing 24% of
Group revenue.
Our Street Furniture and Billboard revenue
declined less than Transport reflecting better pedestrian and car
traffic audiences recovering rapidly when lockdowns were lifted.
Transport was the most affected part of our business with airports
strongly impacted by the collapse of international traffic.
By geography, France and the Rest of Europe
revenue improved the most over H2 2020, mainly thanks to
Street Furniture. In Asia-Pacific and more specifically in Mainland
China, businesses exposed to domestic audiences, including domestic
airport terminals, improved also during the second half of the
year, while international hubs remained heavily affected by little
international traffic. North America, the Rest of the World and UK
were the most affected regions across the 3 business segments
throughout the year.
In a media landscape increasingly fragmented and
more and more digital, out-of-home and digital out‑of‑home
advertising reinforce its attractiveness. As the most digitised
global OOH company with our new data-led audience targeting and
programmatic platform, our well diversified portfolio, our ability
to win new contracts, the strength of our balance sheet and the
high quality of our teams across the world, we believe we are well
positioned to benefit from the rebound.”
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
prior to 2014, which is reconciled with IFRS financial
statements.In Q4 2020, the impact of IFRS 11 on adjusted
revenue was -€58.9 million (-€118.0 million in
Q4 2019), leaving IFRS revenue at €636.2 million
(€1,004.1 million in Q4 2019).For the full-year 2020, the
impact of IFRS 11 on adjusted revenue was -€212.0 million
(-€402.5 million for the full-year 2019), leaving IFRS revenue
at €2,099.8 million (€3,487.6 million for the full-year
2019).
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 |
2019 adjusted revenue |
(a) |
840.0 |
1,002.3 |
925.8 |
1,122.0 |
3,890.2 |
2020 IFRS revenue |
(b) |
658.2 |
310.4 |
495.0 |
636.2 |
2,099.8 |
IFRS 11 impacts |
(c) |
65.4 |
41.5 |
46.2 |
58.9 |
212.0 |
2020 adjusted revenue |
(d) = (b) + (c) |
723.6 |
351.8 |
541.2 |
695.1 |
2,311.8 |
Currency impacts |
(e) |
1.7 |
8.0 |
15.5 |
22.2 |
47.4 |
2020 adjusted revenue at 2019 exchange rates |
(f) = (d) + (e) |
725.3 |
359.9 |
556.7 |
717.3 |
2,359.2 |
Change in scope |
(g) |
(2.3) |
7.0 |
18.4 |
24.8 |
47.9 |
2020 adjusted organic revenue |
(h) = (f) + (g) |
723.0 |
366.8 |
575.2 |
742.1 |
2,407.1 |
Organic growth |
(i) = (h) / (a) |
-13.9% |
-63.4% |
-37.9% |
-33.9% |
-38.1% |
€m |
Impact of currency as of December 31st, 2020 |
BRL |
12.5 |
USD |
4.8 |
RMB |
4.7 |
AUD |
3.7 |
Other |
21.7 |
Total |
47.4 |
Average exchange rate |
FY 2020 |
FY 2019 |
BRL |
0.1697 |
0.2266 |
USD |
0.8755 |
0.8933 |
RMB |
0.1270 |
0.1293 |
AUD |
0.6043 |
0.6208 |
Next
information:2020 annual results: March 11th, 2021 (before
market)
Key Figures for JCDecaux
- 2020 revenue: €2,312m
- Present in 3,890 cities with more than 10,000 inhabitants
- A daily audience of more than 890 million people in more than
80 countries
- 13,210 employees
- Leader in self-service bike rental scheme: pioneer in
eco-friendly mobility
- 1st Out-of-Home Media company to join the RE100 (committed to
100% renewable energy)
- 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 index and the MSCI and CDP 'A List' rankings
- 1,061,630 advertising panels worldwide
- N°1 worldwide in street furniture (517,800 advertising
panels)
- N°1 worldwide in transport advertising with more than 160
airports and 270 contracts in metros, buses, trains and tramways
(379,970 advertising panels)
- N°1 in Europe for billboards (136,750 advertising panels)
- N°1 in outdoor advertising in Europe (636,620 advertising
panels)
- N°1 in outdoor advertising in Asia-Pacific (260,700 advertising
panels)
- N°1 in outdoor advertising in Latin America (69,490 advertising
panels)
- N°1 in outdoor advertising in Africa (22,760 advertising
panels)
- N°1 in outdoor advertising in the Middle East (15,510
advertising panels)
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 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.
Communications
Department: Agathe Albertini+33 (0) 1 30
79 34 99 – agathe.albertini@jcdecaux.com
Investor
Relations: Arnaud Courtial+33 (0) 1 30 79
79 93 – arnaud.courtial@jcdecaux.com
- 28-01-21 # Q4 2020_UK_vDEF
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