JCDecaux: H1 2021 results
H1 2021 results
-
-
- Adjusted revenue up +0.6% to €1,082.3
million
- Adjusted organic revenue up +2.9%, with Q2 at
+80.2%
- Adjusted operating margin of €31.4 million, +€93.2
million yoy
- Adjusted EBIT, before impairment, of -€166.9 million,
+€91.6 million yoy
- Net income Group share of -€161.3 million, +€93.7
million yoy
- Adjusted free cash flow of -€63.2 million
- Third quarter 2021 adjusted organic revenue growth
above +20%
Paris, July 29th, 2021 – JCDecaux
SA (Euronext Paris: DEC), the number one outdoor
advertising company worldwide, announced today its 2021 half-year
financial results.
Commenting on the 2021 first half-year results,
Jean-François Decaux, Chairman of the Executive Board and
Co-CEO of JCDecaux, said:
“Our H1 2021 group revenue reached
€1,082.3 million, a +0.6% yoy revenue growth or +2.9% on an
organic basis driven by a better than expected Q2 2021 organic
growth at +80.2% thanks to a strong street furniture revenue growth
across all geographies, notably in Europe. While the first quarter
of 2021 was highly impacted by strict Covid-19 restrictions around
the world, our Street Furniture and Billboard activities have
significantly rebounded in the second quarter along with the urban
audience recovery as stay-at-home requirements were progressively
lifted. Transport was still suffering from a lower level of
commuters than pre-pandemic in public transport and almost
non-existent international air traffic with North America and UK
which were the most affected regions over the period while Mainland
China saw a double digit rebound thanks to domestic air traffic
almost back to pre-Covid level.
Digital Out Of Home (DOOH) represents now 22.8%
of total group revenue with a very positive momentum for our
programmatic advertising trading. The VIOOH platform which is the
most connected DOOH supply-side platform is now active in 13
countries following its launch in Australia and in France.
Despite our limited revenue growth of €6.9m in
H1 2021, our adjusted operating margin has greatly improved (by
€93.2m), turning positive at €31.4 million vs -€61.8 million
in H1 2020 thanks to a revenue mix geared toward the higher margin
Street Furniture business segment and to our ongoing cost reduction
actions, including rent reliefs, staff cost optimisation and
overheads management. Our tight control over working capital
requirements and selective capex reduction as well as the decision
not to distribute dividends for the second year in a row allowed us
to contain our free-cash-flow at -€63.2m in H1 2021 and our net
debt at around €1.2bn at the end of the period. We continued to
strengthen our ESG leading initiatives and commitments in H1 2021
such as our carbon neutrality target for France from 2021
onwards.
As far as Q3 2021 is concerned, although
the global advertising market remains highly volatile with low
visibility and with some depressed audience levels which might take
time to recover such as international air traffic and mass transit,
we now expect an adjusted organic revenue growth above +20% yoy
based on positive trends in our current trading with some
activities close to pre-covid levels, provided that mobility
restrictions do not rise significantly.
I would like to sincerely thank our teams across
the world for their strong commitment, their resilience, their
agility and their innovation spirit.
As the most digitised global OOH company with
our new data-led audience targeting and programmatic solutions, 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. We are more than ever confident in the power of our
media in an advertising landscape increasingly fragmented and more
and more digital and in the role it will play to support the
economic recovery as well as to drive positive changes.” Following
the adoptions of IFRS 11 from January 1st, 2014 and
IFRS 16 from January 1st, 2019, and in compliance
with the AMF’s instructions, the operating data presented below are
adjusted:
- to include our prorata share in companies under joint control,
regarding IFRS 11,
- to exclude the impact of IFRS 16 on our core business
lease agreements (lease agreements of locations for advertising
structures excluding real estate and vehicle rental
contracts).
Please refer to the paragraph “Adjusted data” on
page 5 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
Adjusted revenue for the six months ending June
30th, 2021 increased by 0.6% to €1,082.3 million from
€1,075.4 million in the same period last year. On an organic
basis (i.e. excluding the negative impact from foreign
exchange variations and the negative impact from changes in
perimeter), adjusted revenue increased by 2.9%. Adjusted
advertising revenue, excluding revenue related to sale, rental and
maintenance of street furniture and advertising displays, increased
by 1.7% on an organic basis in the first half of 2021.
In the second quarter, adjusted revenue
increased by 78.5% to €628.1 million. On an organic basis,
adjusted revenue increased by 80.2% compared to
Q2 2020.Adjusted advertising revenue, excluding revenue
related to sale, rental and maintenance of street furniture and
advertising displays, increased by 86.3% on an organic basis in
Q2 2021.
Adjusted revenue
€m |
H1 2021 |
H1 2020 |
Change 21/20 |
Q1 |
Q2 |
H1 |
Q1 |
Q2 |
H1 |
Q1 |
Q2 |
H1 |
Street Furniture |
223.8 |
337.8 |
561.6 |
325.5 |
154.4 |
479.9 |
-31.3% |
118.9% |
17.0% |
Transport |
151.6 |
186.8 |
338.4 |
281.7 |
141.2 |
423.0 |
-46.2% |
32.3% |
-20.0% |
Billboard |
78.9 |
103.4 |
182.4 |
116.3 |
56.3 |
172.6 |
-32.1% |
83.8% |
5.7% |
Total |
454.3 |
628.1 |
1,082.3 |
723.6 |
351.9 |
1,075.4 |
-37.2% |
78.5% |
0.6% |
Adjusted organic revenue growth
(a)
|
Change 21/20 |
Q1 |
Q2 |
H1 |
Street Furniture |
-30.8% |
118.4% |
17.2% |
Transport |
-42.7% |
35.9% |
-16.5% |
Billboard |
-25.7% |
86.4% |
10.9% |
Total |
-34.6% |
80.2% |
2.9% |
(a) Excluding acquisitions/divestitures and the impact of
foreign exchange
Adjusted revenue by geographic
area
€m |
H1 2021 |
H1 2020 |
Reported growth |
Organic growth(a) |
Asia-Pacific |
317.1 |
303.2 |
4.6% |
6.8% |
Europe(b) |
307.6 |
283.9 |
8.4% |
8.0% |
France |
225.5 |
189.2 |
19.2% |
16.0% |
Rest of the World |
102.9 |
108.2 |
-4.9% |
14.2% |
United Kingdom |
80.7 |
98.5 |
-18.0% |
-18.7% |
North America |
48.6 |
92.5 |
-47.5% |
-42.7% |
Total |
1,082.3 |
1,075.4 |
0.6% |
2.9% |
(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
First half adjusted revenue increased by 17.0%
to €561.6 million, 17.2% on an organic basis, as the activity
rebounded mainly from Q2 as the Covid-19 restrictions were
progressively lifted. France, UK and Rest of the World rebounded
significantly while North America was the only region with a
negative evolution.First half adjusted advertising revenue,
excluding revenue related to sale, rental and maintenance of street
furniture were up 17.7% on an organic basis compared to the first
half of 2020.
In the second quarter, adjusted revenue
increased by 118.9% to €337.8 million. On an organic basis,
adjusted revenue increased by 118.4% compared to the same period
last year. All regions recorded strong increases in revenues
compared to a challenging Q2 last year, notably Europe. Adjusted
advertising revenue, excluding revenue related to sale, rental and
maintenance of street furniture were up 140.0% on an organic basis
in Q2 2021 compared to Q2 2020.
TRANSPORT
First half adjusted revenue decreased by -20.0%
to €338.4 million, -16.5% on an organic basis, significantly
impacted by the Covid-19 outbreak, reflecting a significant decline
globally mainly in international airport passenger traffic but
also, to a lesser extent, in public transport. Asia-Pacific, with a
domestic air traffic above pre-covid levels in China, and Rest of
the World were up. North America and Europe continued to be
affected significantly by air traffic restrictions.
In the second quarter, adjusted revenue
increased by 32.3% to €186.8 million. On an organic basis,
adjusted revenue increased by 35.9% compared to the same period
last year. Europe and Rest of the World had a strong rebound while
North America was the only negative region due to the end he New
York airports contract.
BILLBOARD
First half adjusted revenue increased by 5.7% to
€182.4 million, 10.9% on an organic basis. All regions have
been positive, Asia-Pacific and North America experienced the
strongest rebounds in line with the pick-up of vehicular
audiences.
In the second quarter, adjusted revenue
increased by 83.8% to €103.4 million. On an organic basis,
adjusted revenue increased by 86.4% compared to the same period
last year with Asia-Pacific, UK and North America being the
strongest rebounds.
ADJUSTED OPERATING MARGIN
(1)
The Covid-19 outbreak with lockdown measures
continued to have a massive impact on our business and our margins
by segment. The strong cost management measures taken by the Group
since the beginning of the pandemic led to a significant €93.2
million yoy increase in its operating margin, while revenue was
increasing only by €6.9 million.In the first half of 2021, adjusted
operating margin was positive at €31.4 million vs
-€61.8 million in the first half of 2020. The adjusted
operating margin as a percentage of revenue was 2.9%, +860bp above
prior year, a strong operating leverage driven by favourable mix
revenue growth toward more roadside activities based on a reduced
cost structure.
|
H1 2021 |
H1 2020 |
Change 21/20 |
|
€m |
% of revenue |
€m |
% of revenue |
Change (€m) |
Margin rate (bp) |
Street Furniture |
49.6 |
8.8% |
(20.6) |
-4.3% |
+70.2 |
+1,310bp |
Transport |
(10.0) |
-3.0% |
(11.3) |
-2.7% |
+1.3 |
-30bp |
Billboard |
(8.2) |
-4.5% |
(30.0) |
-17.4% |
21.8 |
+1,290bp |
Total |
31.4 |
2.9% |
(61.8) |
-5.7% |
+93.2 |
+860bp |
Street Furniture: In the first
half of 2021, adjusted operating margin increased by €70.2 million
to €49.6 million. As a percentage of revenue, the adjusted
operating margin was 8.8%, +1,310bp above prior year.
Transport: In the first half of
2021, adjusted operating margin improved by €1.3 million while
the revenue declined by €84.6 million thanks to our saving actions
implemented since the beginning of the pandemic. As a percentage of
revenue, the adjusted operating margin was limited to -3.0%, -30bp
below prior year.
Billboard: In the first half of
2021, adjusted operating margin improved by €21.8 million. As a
percentage of revenue, the adjusted operating margin was -4.5%,
+1,290bp above prior year.
ADJUSTED EBIT
(2)
In the first half of 2021, adjusted EBIT before
impairment charge improved by 35.4% to ‑€166.9 million
compared to -€258.5 million in the first half of 2020. As a
percentage of revenue, this represented a 860bp increase to -15.4%,
from -24.0% in H1 2020. The positive variation is mainly due to the
increase of the operating margin as net amortisation and provisions
were relatively stable.
The impairment on tangible and intangible assets
of +€3.5 million in H1 2021 is related to the mechanical
reversal of the provisions for onerous contracts recognised from
our historical impairment tests. No impairment charge on goodwill
was recorded in H1 2021. A net impairment charge on tangible and
intangible assets and on goodwill and a reversal of provision for
onerous contract of for a total of -€60.6 million was recorded in
H1 2020, mainly related to the Billboard business in the Rest of
the World.
Adjusted EBIT, after impairment charge, has
improved by €155.7 million from -€319.2 million in H1 2020 to
-€163.5 million in H1 2021.
NET FINANCIAL INCOME / (LOSS)
(3)
In the first half of 2021, interest expenses on
IFRS 16 leases were -€42.1 million compared to
-€68.3 million in the first half of 2020, a favourable
variation of €26.2 million mainly coming from the mechanical
reduction of the IFRS 16 lease liability related to the contract
life progression.
In the first half of 2021, excluding
IFRS 16, other net financial income / (loss) was
-€21.0 million compared to -€14.2 million in the first
half of 2020, a variation of -€6.8 million mainly
corresponding to the financial interest expenses relating to the
€1 billion bond placed in April 2020.
EQUITY AFFILIATES
In the first half of 2021, the share of net
profit from equity affiliates was -€6.7 million, improving
compared to the same period last year (-€14.6 million), still
negative as their business continued to be negatively impacted by
the Covid‑19 pandemic.
NET INCOME GROUP SHARE
In the first half of 2021, net income Group
share before impairment charge increased by +€35.3 million to
-€163.7 million compared to -€199.0 million in H1
2020.
Taking into account the impact from the
impairment charge, net income Group share increased by €93.7
million to -€161.3 million compared to -€254.9 million in H1
2020 due to the impairment charges recognized in H1 2020 and
reminded above.
ADJUSTED CAPITAL
EXPENDITURE
In the first half of 2021, adjusted net capex
(acquisition of property, plant and equipment and intangible
assets, net of disposals of assets) was reduced significantly by
-29.2% from €84.5 million in H1 2020 to
€59.8 million. A selective reduction nonetheless as growth
capex including capex to pursue digitisation in premium locations
and to roll-out our programmatic trading solutions was
maintained.
ADJUSTED FREE CASH FLOW
(4)
In the first half of 2021, adjusted free cash
flow was -€63.2 million globally in line with capex made
during the period.
Funds from operations net of maintenance costs
remained negative at -€74.4 million but improving by +€77.3 million
compared to H1 2020 due to the increase in the operating margin and
the decrease in income tax paid over the period, partly mitigated
by the interests paid due to the increase in gross debt and other
non-recurring one-off charges. Changes in our working capital had a
positive impact of €71.0 million due to a tight management over
cash collection and payments, compensating the negative impact from
the Funds From Operations.
DIVIDEND
For the second year in a row, the AGM held on
May 20th, 2021 decided not to distribute a dividend, in order to
strengthen its liquidity and balance sheet as well as its financial
flexibility in response to the unprecedented global disruption due
to the Covid-19 outbreak.
NET DEBT
(5)
Net debt remained overall stable at
€1,163.3 million as of June 30th, 2021, a slight increase vs
€1,086.3 million as of the end of December 2020 and below June
30th, 2020 where it stood at €1,178.6 million.
RIGHT-OF-USE & LEASE LIABILITIES
IFRS 16
Right-of-use IFRS 16 as of
June 30th, 2021 amounted to €3,090.8 million
compared to €3,416.5 million as of
December 31st, 2020, a decrease related to the
amortisation of rights-of-use and contracts renegotiations
partially offset by foreign exchange rate impacts, new contracts,
contracts extended and contracts renewed.
IFRS 16 lease liabilities decreased by
‑€356.2 million from €4,145.8 million as of December
31st, 2020 to €3,789.6 million as of
June 30th, 2021, corresponding to rents paid and
renegotiated partially offset by foreign exchange rate impacts, new
contracts, contracts extended and contracts renewed.
ADJUSTED DATA
Under IFRS 11, applicable from
January 1st, 2014, companies under joint control are
accounted for using the equity method.Under IFRS 16,
applicable from January 1st, 2019, a lease liability for
contractual fixed rental payments is recognised on the balance
sheet, against a right-of-use asset to be depreciated over the
lease term. As regards P&L, the fixed rent expense is replaced
by the depreciation of the right-of-use in EBIT, below the
operating margin, and a lease interest expense on the lease
liability in financial result, below EBIT. IFRS 16 has no
impact on cash payments but payment of debt (principal) is booked
in funds from financing activities.However, in order to reflect the
business reality of the Group and the readability of our
performance, our operating management reports used to monitor the
activity, allocate resources and measure performance continue:
- To integrate on proportional basis operating data of the
companies under joint control and;
- To exclude the IFRS 16 impact on our core business (lease
agreements of locations for advertising structures excluding real
estate and vehicle rental contracts).As regards the P&L, it
concerns all aggregates down to the EBIT. As regards the cash flow
statement, it concerns all aggregates down to the free cash
flow.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 the first half of 2021, the impacts of
IFRS 11 and IFRS 16 on our adjusted aggregates are:
- -€87.9 million for IFRS 11 on adjusted revenue
(-€106.9 million for IFRS 11 in H1 2020) leaving
IFRS revenue at €994.4 million (€968.6 million in
H1 2020).
- -€16.0 million for IFRS 11 and €395.4 million
for IFRS 16 on adjusted operating margin (-€11.2 million
for IFRS 11 and €567.3 million for IFRS 16 in
H1 2020) leaving IFRS operating margin at €410.8 million
(€494.3 million in H1 2020).
- -€6.3 million for IFRS 11 and €48.0 million for
IFRS 16 on adjusted EBIT before impairment charge
(€1.0 million for IFRS 11 and €105.9 million for
IFRS 16 in H1 2020) leaving IFRS EBIT before impairment
charge at -€125.3 million (-€151.6 million in
H1 2020).
- -€6.3 million for IFRS 11 and €48.0 million for
IFRS 16 on adjusted EBIT after impairment charge
(€1.0 million for IFRS 11 and €105.9 million for
IFRS 16 in H1 2020) leaving IFRS EBIT after impairment
charge at -€121.8 million (-€212.3 million in
H1 2020).
- €1.5 million for IFRS 11 on adjusted capital
expenditure (€3.5 million for IFRS 11 in H1 2020)
leaving IFRS capital expenditure at -€58.4 million
(-€81.0 million in H1 2020).
- €0.8 million for IFRS 11 and €317.0 million for
IFRS 16 on adjusted free cash flow (-€12.8 million for
IFRS 11 and €329.6 million for IFRS 16 in
H1 2020) leaving IFRS free cash flow at €254.6 million
(€386.3 million in H1 2020).
The full reconciliation between adjusted figures
and IFRS figures is provided on page 9 of this release.
NOTES
- Operating Margin: Revenue less Direct
Operating Expenses (excluding Maintenance spare parts) less
SG&A expenses.
- 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.
- Net financial income / (loss): Excluding the
net impact of discounting and revaluation of debt on commitments to
purchase minority interests (-€1.4 million and
-€0.2 million in H1 2021 and H1 2020
respectively).
- Free cash flow: Net cash flow from operating
activities less capital investments (property, plant and equipment
and intangible assets) net of disposals.
- Net debt: Debt net of managed cash less bank
overdrafts, excluding the non-cash IAS 32 impact (debt on
commitments to purchase minority interests), including the non-cash
IFRS 9 impact on both debt and hedging financial derivatives
excluding IFRS 16 lease liabilities.
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 |
H1 |
|
|
|
|
|
2020 adjusted revenue |
(a) |
723.6 |
351.9 |
1,075.4 |
|
|
|
|
|
2021 IFRS revenue |
(b) |
416.7 |
577.7 |
994,4 |
IFRS 11 impacts |
(c) |
37.6 |
50.3 |
87.9 |
2021 adjusted revenue |
(d) = (b) + (c) |
454.3 |
628.1 |
1,082.3 |
Currency impacts |
(e) |
10.6 |
4.8 |
15.4 |
2021 adjusted revenue at 2020 exchange rates |
(f) = (d) + (e) |
464.9 |
632.8 |
1,097.7 |
Change in scope |
(g) |
8.0 |
1.0 |
9.0 |
2021 adjusted organic revenue |
(h) = (f) + (g) |
472.9 |
633.9 |
1,106.8 |
|
|
|
|
|
Organic growth |
(i) = (h)/(a)-1 |
-34.6% |
80.2% |
2.9% |
€m |
Impact of currencyas of June 30th,
2021 |
|
|
USD |
4.4 |
HKD |
4.1 |
BRL |
2.7 |
Other |
10.2 |
AUD |
(6.0) |
|
|
Total |
15.4 |
Average exchange rate |
H1 2021 |
H1 2020 |
|
|
|
USD |
0.8296 |
0.9074 |
HKD |
0.1069 |
0.1169 |
BRL |
0.1541 |
0.1848 |
AUD |
0.6399 |
0.5961 |
Next
information: Q3 2021 revenue: November 4th, 2021 (after
market)Key Figures for JCDecaux
- 2020 revenue: €2,312m – H1 2021 revenue: €1,082.3m
- Present in 3,670 cities with more than 10,000 inhabitants
- A daily audience of more than 840 million people in more
than 80 countries
- 10,230 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 (4.6/5) and CDP (A Leadership) rankings, and has
obtained the MSCI AAA score for the 4th year in a row
- 964,760 advertising panels worldwide
- N°1 worldwide in street furniture (489,500 advertising
panels)
- N°1 worldwide in transport advertising with 156 airports and
249 contracts in metros, buses, trains and tramways (329,790
advertising panels)
- N°1 in Europe for billboards (129,970 advertising panels)
- N°1 in outdoor advertising in Europe (615,530 advertising
panels)
- N°1 in outdoor advertising in Asia-Pacific (216,590 advertising
panels)
- N°1 in outdoor advertising in Latin America (66,120 advertising
panels)
- N°1 in outdoor advertising in Africa (22,500 advertising
panels)
- N°1 in outdoor advertising in the Middle East (15,350
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: Albert Asséraf+33 (0) 1 30 79
35 68 – albert.asseraf@jcdecaux.com
Investor
Relations: Rémi Grisard+33 (0) 1 30 79 79
93 – remi.grisard@jcdecaux.com
RECONCILIATION BETWEEN ADJUSTED FIGURES
AND IFRS FIGURES
Profit & Loss |
H1 2021 |
H1 2020 |
€m |
Adjusted |
Impact of companies under joint control |
Impact of IFRS 16 from controlled entities (1) |
IFRS |
Adjusted |
Impact of companies under joint control |
Impact of IFRS 16 from controlled entities (1) |
IFRS |
Revenue |
1,082.3 |
(87.9) |
(0.0) |
994.4 |
1,075.4 |
(106.9) |
- |
968.6 |
Net operating costs |
(1,050.9) |
71.9 |
395.4 |
(583.6) |
(1,137.3) |
95.7 |
567.3 |
(474.3) |
Operating margin |
31.4 |
(16.0) |
395.4 |
410.8 |
(61.8) |
(11.2) |
567.3 |
494.3 |
Maintenance spare parts |
(15.8) |
0.4 |
0.0 |
(15.4) |
(12.7) |
0.4 |
- |
(12.2) |
Amortisation and provisions (net) |
(170.6) |
9.2 |
(365.4) |
(526.8) |
(177.9) |
12.4 |
(461.7) |
(627.2) |
Other operating income / expenses |
(12.0) |
0.1 |
17.9 |
6.1 |
(6.1) |
(0.6) |
0.2 |
(6.5) |
EBIT before impairment charge |
(166.9) |
(6.3) |
48.0 |
(125.3) |
(258.5) |
1.0 |
105.9 |
(151.6) |
Net impairment charge (2) |
3.5 |
0.0 |
0.0 |
3.5 |
(60.6) |
- |
- |
(60.6) |
EBIT after impairment charge |
(163.5) |
(6.3) |
48.0 |
(121.8) |
(319.2) |
1.0 |
105.9 |
(212.3) |
(1) IFRS 16 impact on the core business contracts of
controlled entities(2) Including impairment charge on net assets of
companies under joint control. |
|
|
|
|
|
|
|
|
|
Cash-Flow Statement |
H1 2021 |
H1 2020 |
€m |
Adjusted |
Impact of companies under joint control |
Impact of IFRS 16 from controlled entities (1) |
IFRS |
Adjusted |
Impact of companies under joint control |
Impact of IFRS 16 from controlled entities (1) |
IFRS |
Funds from operations net of maintenance
costs |
(74.4) |
(0.4) |
283.5 |
208.6 |
(151.7) |
9.6 |
365.1 |
223.0 |
Change in working capital requirement |
71.0 |
(0.2) |
33.5 |
104.3 |
305.7 |
(25.9) |
(35.6) |
244.3 |
Net cash flow from operating activities |
(3.4) |
(0.6) |
317.0 |
312.9 |
154.0 |
(16.3) |
329.6 |
467.3 |
Capital expenditure |
(59.8) |
1.5 |
|
(58.4) |
(84.5) |
3.5 |
- |
(81.0) |
Free cash flow |
(63.2) |
0.8 |
317.0 |
254.6 |
69.5 |
(12.8) |
329.6 |
386.3 |
(1) IFRS 16 impact on the core and non-core business
contracts of controlled entities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Half-year consolidated financial
statements – H1 2021
Condensed interim consolidated financial
statements
STATEMENT OF FINANCIAL POSITION
Assets
In million euros |
30/06/2021 |
31/12/2020 |
Goodwill |
1,607.7 |
1,592.8 |
Other intangible assets |
513.2 |
534.1 |
Property, plant and equipment |
1,220.1 |
1,261.3 |
Right-of-use |
3,090.8 |
3,416.5 |
Investments under the equity method |
385.3 |
392.5 |
Other financial assets |
158.3 |
161.4 |
Deferred tax assets |
146.6 |
119.0 |
Current tax assets |
0.9 |
0.9 |
Other receivables |
10.3 |
9.8 |
NON-CURRENT ASSETS |
7,133.3 |
7,488.3 |
Other financial assets |
9.2 |
3.4 |
Inventories |
174.5 |
172.6 |
Financial derivatives |
3.7 |
1.7 |
Trade and other receivables |
674.1 |
697.4 |
Current tax assets |
40.8 |
37.3 |
Treasury financial assets |
45.8 |
57.6 |
Cash and cash equivalents |
1,274.6 |
1,607.8 |
CURRENT ASSETS |
2,222.8 |
2,577.9 |
TOTAL ASSETS |
9,356.0 |
10,066.2 |
Equity and Liabilities
In million euros |
30/06/2021 |
31/12/2020 |
Share capital |
3.2 |
3.2 |
Additional paid-in capital |
608.5 |
608.5 |
Consolidated reserves |
1,167.4 |
1,775.7 |
Consolidated net income (Group share) |
(161.3) |
(604.6) |
Other components of equity |
(161.1) |
(187.5) |
EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT
COMPANY |
1,456.8 |
1,595.4 |
Non-controlling interests |
21.0 |
17.7 |
TOTAL EQUITY |
1,477.7 |
1,613.0 |
Provisions |
369.0 |
368.7 |
Deferred tax liabilities |
92.9 |
98.8 |
Financial debt |
2,152.5 |
2,147.4 |
Debt on commitments to purchase non-controlling interests |
105.8 |
105.1 |
Lease liabilities |
2,773.8 |
3,088.0 |
Other payables |
11.6 |
10.5 |
Income tax payable |
0.0 |
0.0 |
Financial derivatives |
0.0 |
0.0 |
NON-CURRENT LIABILITIES |
5,505.6 |
5,818.5 |
Provisions |
60.4 |
63.1 |
Financial debt |
314.6 |
587.6 |
Debt on commitments to purchase non-controlling interests |
5.3 |
6.3 |
Financial derivatives |
7.8 |
4.4 |
Lease liabilities |
1,015.7 |
1,057.8 |
Trade and other payables |
945.3 |
882.1 |
Income tax payable |
11.1 |
19.2 |
Bank overdrafts |
12.6 |
14.2 |
CURRENT LIABILITIES |
2,372.7 |
2,634.7 |
TOTAL LIABILITIES |
7,878.3 |
8,453.2 |
TOTAL EQUITY AND LIABILITIES |
9,356.0 |
10,066.2 |
STATEMENT OF COMPREHENSIVE INCOME
INCOME STATEMENT
In million euros |
1st half of 2021 |
1st half of 2020 |
REVENUE |
994.4 |
968.6 |
Direct operating expenses |
(363.2) |
(253.6) |
Selling, general and administrative expenses |
(220.5) |
(220.7) |
OPERATING MARGIN |
410.8 |
494.3 |
Depreciation, amortisation and provisions (net) |
(523.3) |
(639.8) |
Impairment of goodwill |
0.0 |
(48.0) |
Maintenance spare parts |
(15.4) |
(12.2) |
Other operating income |
25.4 |
11.0 |
Other operating expenses |
(19.3) |
(17.5) |
EBIT |
(121.8) |
(212.3) |
Interests on IFRS 16 lease liabilities |
(42.1) |
(68.3) |
Financial income |
1.6 |
2.0 |
Financial expenses |
(24.1) |
(16.4) |
Net financial income excluding IFRS 16 |
(22.4) |
(14.3) |
NET FINANCIAL INCOME (LOSS) |
(64.6) |
(82.7) |
Income tax |
33.6 |
43.8 |
Share of net profit of companies under the equity method |
(6.7) |
(14.6) |
CONSOLIDATED NET INCOME |
(159.4) |
(265.8) |
- Including non-controlling interests |
1.9 |
(10.8) |
CONSOLIDATED NET INCOME (GROUP SHARE) |
(161.3) |
(254.9) |
Earnings per share (in euros) |
(0.758) |
(1.198) |
Diluted earnings per share (in euros) |
(0.758) |
(1.198) |
Weighted average number of shares |
212,857,730 |
212,750,443 |
Weighted average number of shares (diluted) |
212,857,730 |
212,750,443 |
STATEMENT OF OTHER COMPREHENSIVE INCOME
In million euros |
1st half of 2021 |
1st half of 2020 |
CONSOLIDATED NET INCOME |
(159.4) |
(265.8) |
Translation reserve adjustments on foreign transactions (1) |
17.5 |
(81.4) |
Translation reserve adjustments on net foreign investments |
0.3 |
(0.8) |
Cash flow hedges |
0.5 |
0.2 |
Tax on the other comprehensive income subsequently released to net
income |
(0.2) |
0.0 |
Share of other comprehensive income of companies under the equity
method (after tax) |
(4.8) |
(5.4) |
Other comprehensive income subsequently released to net
income |
13.2 |
(87.5) |
Change in actuarial gains and losses on post-employment benefit
plans and assets ceiling |
8.3 |
(5.0) |
Tax on the other comprehensive income not subsequently released to
net income |
(3.2) |
0.8 |
Share of other comprehensive income of companies under the equity
method (after tax) |
7.4 |
(1.5) |
Other comprehensive income not subsequently released to net
income |
12.5 |
(5.7) |
Total other comprehensive income |
25.7 |
(93.2) |
TOTAL COMPREHENSIVE INCOME |
(133.7) |
(358.9) |
- Including non-controlling interests |
1.3 |
(17.7) |
TOTAL COMPREHENSIVE INCOME - GROUP SHARE |
(134.9) |
(341.2) |
- For the first half of 2021, translation reserve
adjustments on foreign transactions mainly related to changes in
foreign exchange rates, of which €7.9 million in Hong Kong, €7.8
million in the United Kingdom, €3.7 million in South Africa and
€(2.9) million in the United States of America.For the first half
of 2020, translation reserve adjustments on foreign transactions
mainly related to changes in foreign exchange rates, of which
€(17.0) million in Mexico, €(14.3) million in Brazil, €(13.9) in
South Africa, €(13.0) million in the United Kingdom and €(13.0)
million in Australia. The item also included a €(1.3) million
reclassification to net income related to changes in scope.
|
STATEMENT OF CASH FLOWS
In million euros |
1st half of 2021 |
1st half of 2020 |
NET INCOME BEFORE TAX |
(193.1) |
(309.6) |
Share of net profit of companies under the equity method |
6.7 |
14.7 |
Dividends received from companies under the equity method |
7.8 |
15.8 |
Expenses related to share-based payments |
0.0 |
0.0 |
Gains and losses on lease contracts |
(126.5) |
(158.4) |
Depreciation, amortisation and provisions (net) |
521.8 |
691.3 |
Capital gains and losses and net income (loss) on changes in
scope |
(4.3) |
(1.0) |
Net discounting expenses |
1.6 |
1.2 |
Net interest expense & interest expenses on IFRS16 lease
liabilities |
61.6 |
78.2 |
Financial derivatives, translation adjustments, amortised cost and
other |
0.1 |
(5.7) |
Change in working capital |
104.3 |
244.3 |
Change in inventories |
(0.6) |
(51.0) |
Change in trade and other receivables |
38.4 |
334.0 |
Change in trade and other payables |
66.5 |
(38.8) |
CASH FLOWS FROM OPERATING ACTIVITIES |
379.9 |
570.7 |
Interest paid on IFRS16 lease liabilities |
(29.8) |
(72.3) |
Interest paid |
(26.8) |
(10.7) |
Interest received |
1.2 |
1.9 |
Income tax paid |
(11.5) |
(22.3) |
NET CASH FLOWS FROM OPERATING ACTIVITIES |
312.9 |
467.3 |
Cash payments on acquisitions of intangible assets and property,
plant and equipment |
(65.3) |
(111.1) |
Cash payments on acquisitions of financial assets (long-term
investments) net of cash acquired (1) |
(13.4) |
(5.2) |
Acquisitions of other financial assets |
(5.7) |
(105.1) |
Total investments |
(84.4) |
(221.3) |
Cash receipts on proceeds on disposals of intangible assets and
property, plant and equipment |
7.0 |
30.1 |
Cash receipts on proceeds on disposals of financial assets
(long-term investments) net of cash sold (1) |
0.0 |
(0.0) |
Proceeds on disposals of other financial assets |
8.8 |
3.0 |
Total asset disposals |
15.7 |
33.1 |
NET CASH FLOWS FROM INVESTING ACTIVITIES |
(68.7) |
(188.2) |
Dividends paid |
(4.2) |
(8.5) |
Purchase of treasury shares |
(10.2) |
(15.5) |
Cash payments on acquisitions of non-controlling interests |
(2.7) |
(0.0) |
Repayment of long-term borrowings |
(1,133.1) |
(85.5) |
Repayment of lease liabilities |
(317.0) |
(329.6) |
Acquisitions and disposals of treasury financial assets |
12.2 |
26.0 |
Cash outflow from financing activities |
(1,454.9) |
(413.0) |
Cash receipts on proceeds on disposal of interests without loss of
control |
0.0 |
0.0 |
Sale of treasury shares |
11.1 |
12.5 |
Capital increase |
0.1 |
0.9 |
Increase in long-term borrowings |
869.3 |
1,699.1 |
Cash inflow from financing activities |
880.6 |
1,712.6 |
NET CASH FLOWS FROM FINANCING ACTIVITIES |
(574.4) |
1,299.6 |
CHANGE IN NET CASH POSITION |
(330.2) |
1,578.7 |
Net cash position beginning of period |
1,593.6 |
142.4 |
Effect of exchange rate fluctuations and other movements |
(1.4) |
(6.2) |
Net cash position end of period (2) |
1,262.1 |
1,714.9 |
(1)
Including nil net cash acquired and sold for the 1st half of 2021
and the 1st half of 2020.(2) Including €1,274.6 million in
cash and cash equivalents and €12.6 million in bank overdrafts as
of 30 June 2021, compared to €1,742.2 million and €27.3 million,
respectively, as of 30 June 2020. |
- JCDecaux: H1 2021 results
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