Full-Year 2017
Results
-
Adjusted revenue up +2.3% to
€3,471.9 million, adjusted organic revenue up +3.2%
-
Adjusted operating margin of
€653.5 million, up +1.1%
-
Adjusted EBIT, before
impairment charge, of €358.1 million, up +1.9%
-
Net income Group share, before
impairment charge, of €204.3 million, down -8.6%
-
Net income Group share of
€193.7 million, down -13.8%
-
Adjusted free cash flow of
€142.9 million, down -45.8%
-
Dividend per share proposed for
the year 2017, to €0.56, in line with 2016
-
Adjusted organic revenue growth
expected to be up around +2% in Q1 2018
Paris, March
8th, 2018 -
JCDecaux SA (Euronext Paris: DEC), the number one outdoor
advertising company worldwide, announced today its results for the
year ended December 31st, 2017. The
accounts are audited and certified.
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 4 of this
release for the definition of adjusted data and reconciliation with
IFRS.
Commenting on the 2017 results,
Jean-François Decaux, Chairman of the Executive
Board and Co-CEO of JCDecaux, said:
"2017 was for
JCDecaux another year of record revenue at €3,471.9 million
with a strong advertising revenue growth in H2 and China becoming
the largest market for the Group. As expected, our Street Furniture
operating margin slightly improved by 10bps mainly due to the
successful launch of digital in global cities like London, New
York, Berlin..., as well as the on-going turnaround of CEMUSA.
However, our overall profitability declined by 30bps being affected
by a margin reduction in Transport due to the ramp-up of new
contracts and difficult market conditions mainly in China in H1 as
well as in Billboard in line with revenue decline. Our free cash
flow generation remains solid leading to a reduction of our net
debt after dividend distribution and M&A transactions.
2017 was also
marked by several strategic contracts wins such as Guangzhou Baiyun
airport (Terminal 2) contract in China, 2 contracts in Brazil with
São Paulo-Guarulhos airport and São Paulo metro, 2 concessions in
Australia with the Yarra trams contract in Melbourne (trams and
tram shelters) and the digital payphones contract with Telstra, as
well as the Rotterdam Transport and Street Furniture contract. In
France, we won several new contracts, of which Nantes, and renewed
Lyon, Nice and Antibes. We also renewed Brussels airport. At last,
driving the consolidation in Latin America, we successfully merged
our businesses with América Móvil in October in Mexico, second
advertising market of the continent with solid growth
perspectives.
Given our strong
financial flexibility, we recommend to maintain the payment of a
dividend of €0.56 per share, in line with 2016, at the Annual
General Meeting which will take place on May 17th,
2018.
As far as Q1 2018
is concerned, we expect our adjusted organic revenue growth to be
up around +2%, which is significantly affected by the decision
of the "Conseil d'Etat" to cancel the Paris "City Information
Panels" interim contract, as well as the opening of Guangzhou
Baiyun airport (Terminal 2) which is now due in Q2
2018.
In a media
landscape increasingly fragmented, out-of-home advertising
reinforces its attractiveness. With our strong exposure to
faster-growth markets, our growing premium digital portfolio
combined with a new data-led audience targeting
platform, our ability to win new contracts and the high quality of
our teams across the world, we believe we are well positioned to
continue to outperform the global advertising market and increase
our leadership position in the outdoor advertising industry through
profitable market share gains. The strength of our balance sheet is
a key competitive advantage that will allow us to pursue further
external growth opportunities as they arise."
ADJUSTED
REVENUE
As reported on January
30th, 2018,
consolidated adjusted revenue increased by +2.3% to
€3,471.9 million in 2017. Adjusted organic revenue grew by
+3.2%. This strong performance reflects a growing contribution from
our digital Street Furniture assets and the recovery of our
operations in China, combined with an improvement in France, as
well as solid revenue growth in the US and in the Rest of Europe.
The UK is weakening while the Rest of the World is starting to
benefit from the market consolidation, especially in Latin America.
Street Furniture, with a +4.4% organic growth rate, continues to
benefit from the ongoing digitisation of our prime portfolio which
now represents 14.0% of our Street Furniture revenue. Transport
grew by +4.5% on an organic basis thanks to the recovery of our
operations in China and a growing contribution from digital
representing 22.2% of our Transport revenue. Billboard remains
challenging in most European countries with an organic revenue
decline of -4.2% due to both the lack of consolidation and a
smaller contribution of digital which represents only 8.9% of our
Billboard revenue.
ADJUSTED
OPERATING MARGIN (1)
In 2017, adjusted operating
margin increased by +1.1% to €653.5 million from
€646.5 million in 2016. The adjusted operating margin as a
percentage of revenue was 18.8%, -30bp below prior year.
|
2017 |
2016 |
Change 17/16 |
|
€m |
% of revenue |
€m |
% of revenue |
Change (%) |
Margin rate (bp) |
Street
Furniture |
420.2 |
26.7% |
405.4 |
26.6% |
+3.7% |
+10bp |
Transport |
177.7 |
12.7% |
182.0 |
13.2% |
-2.4% |
-50bp |
Billboard |
55.6 |
11.2% |
59.1 |
11.9% |
-5.9% |
-70bp |
Total |
653.5 |
18.8% |
646.5 |
19.1% |
+1.1% |
-30bp |
Street
Furniture: In 2017, adjusted operating margin increased by
+3.7% to €420.2 million. As a percentage of revenue, the
adjusted operating margin increased by 10bp to 26.7%, compared to
2016, thanks to the digital expansion in the UK, the Rest of Europe
and North America, as well as the on-going turnaround of CEMUSA,
partly offset by the impact of a revenue decrease in France.
Transport: In
2017, adjusted operating margin decreased by -2.4% to
€177.7 million. As a percentage of revenue, the adjusted
operating margin decreased by 50bp to 12.7%, compared to 2016,
mainly due to new contracts in Latin America, combined with
difficult market conditions in Middle East and in China in H1.
Billboard: In
2017, adjusted operating margin decreased by -5.9% to
€55.6 million. As a percentage of revenue, adjusted operating
margin decreased by 70bp to 11.2% compared to 2016, in line with
the revenue decline of the business segment.
ADJUSTED EBIT
(2)
In 2017, adjusted EBIT before
impairment charge increased by +1.9% to €358.1 million
compared to €351.4 million in 2016. As a percentage of
revenue, this represented a 10bp decrease to 10.3%, from 10.4% in
2016. The consumption of maintenance spare parts was virtually flat
in 2017 compared to 2016. Net amortisation and provisions, which
were up compared to last year due to a less important reversal on
provisions for onerous contracts in 2017, related to the Purchase
Accounting of CEMUSA and OUTFRONT Media Latam, were compensated by
a positive impact of the other operating income and expenses
variation mainly related to some assets disposals and one-off
items.
No impairment charge on goodwill
and on investments under equity method has been recorded in 2017 as
in 2016. The €12.3 million impairment charge, resulting from
the impairment test conducted for tangible and intangible assets,
are related to a €2.9 million net provision for onerous
contracts and to a €9.4 million impairment charge on tangible.
Adjusted EBIT after impairment
charge decreased by -2.1% to €345.8 million compared to
€353.1 million in 2016.
NET FINANCIAL
INCOME / (LOSS) (3)
In 2017, net financial income was
-€33.1 million compared to -€28.9 million, up compared to
2016, mainly due to net interest expenses of the new bond of €750
million issued in June 2016 that has been used to repay the 2013
bond for €500 million on February 8th, 2018.
EQUITY
AFFILIATES
In 2017, the share of net profit
from equity affiliates was €100.3 million, higher compared to
2016 (€95.2 million).
NET INCOME GROUP
SHARE
In 2017, net income Group share
before impairment charge decreased by -8.6% to €204.3 million
compared to €223.5 million in 2016, affected by an unfavourable
adjustment on deferred tax related to the change in US Federal tax
rate, despite the positive impact of the income tax receivable for
retroactive cancellation of the 3% dividend tax paid over 2013 to
2017 in France.
Taking into account the impact from the impairment charge, net
income Group share decreased by -13.8% to €193.7 million
compared to €224.7 million in 2016.
ADJUSTED CAPITAL
EXPENDITURE
In 2017, adjusted net capex
(acquisition of property, plant and equipment and intangible
assets, net of disposals of assets) was at €289.7 million
compared to €242.3 million in 2016, with higher growth capex
due to new contracts mainly in China and in Brazil.
ADJUSTED FREE
CASH FLOW (4)
In 2017, adjusted free cash flow
was €142.9 million compared to €263.7 million in 2016.
This decrease is mainly related to higher capex and to an
unfavourable variation in our working capital requirements compared
to 2016, mainly due to the strong revenue growth in Q4 2017 as well
as pre-paid rentals on some new contracts.
NET DEBT
(5)
Net debt as of December
31st, 2017
decreased to €384.4 million compared to €418.6 million as
of December 31st,
2016.
In July 2017, the maturity of our unused, confirmed, revolving
credit facility of €825m has been extended for one more year to
July 2022.
DIVIDEND
At the next Annual General Meeting
of Shareholders on May 17th, 2018, the
Supervisory Board will recommend to maintain the payment of a
dividend of €0.56 per share for the 2017 financial year, in line
with the previous year.
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 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 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
which are reconciled with IFRS financial statements.
In 2017, the impact of IFRS 11 on our adjusted aggregates is:
-
-432.1 million on adjusted revenue
(-€418.3 million in 2016) leaving IFRS revenue at
€3,039.8 million (€2,974.5 million in 2016).
-
-€128.7 million on adjusted operating
margin (-€118.4 million in 2016) leaving IFRS operating margin
at €524.8 million (€528.1 million in 2016).
-
-€110.2 million on adjusted EBIT before
impairment charge (-€100.8 million in 2016) leaving IFRS EBIT
before impairment charge at €247.9 million
(€250.6 million in 2016).
-
-€110.2 million on adjusted EBIT after
impairment charge (-€100.8 million in 2016) leaving IFRS EBIT
after impairment charge at €235.6 million (€252.3 million
in 2016).
-
-€14.9 million on adjusted capital
expenditure (-€14.7 million in 2016) leaving IFRS capital
expenditure at €274.8 million (€227.6 million in
2016).
-
+€16.5 million on adjusted free cash flow
(-€34.2 million in 2016) leaving IFRS free cash flow at
€159.4 million (€229.5 million in 2016).
The full reconciliation between
IFRS figures and adjusted figures is provided on page 8 of
this release.
NOTES
(1)
Operating Margin: Revenue less Direct Operating Expenses
(excluding Maintenance spare parts) less SG&A
expenses.
(2)
EBIT: Earnings Before Interests and Taxes = Operating Margin
less Depreciation, amortisation and provisions (net) less
Impairment of goodwill less Maintenance spare parts less Other
operating income and expenses.
(3)
Net financial income / (loss): Excluding the impact of
discounting and revaluation of debt on commitments to purchase
non-controlling interests (-€2.1 million and
+€10.1 million in 2017 and 2016 respectively).
(4)
Free cash flow: Net cash flow from operating activities less
capital investments (property, plant and equipment and intangible
assets) net of disposals.
(5)
Net debt: Debt net of managed cash less bank overdrafts,
excluding the non-cash IAS 32 impact (debt on commitments to
purchase non-controlling interests), including the non-cash IAS 39
impact on both debt and hedging financial derivatives.
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 |
|
|
|
|
|
|
|
2016 adjusted revenue |
(a) |
748.5 |
868.8 |
792.7 |
982.8 |
3,392.8 |
|
|
|
|
|
|
|
2017 IFRS revenue |
(b) |
670.2 |
770.6 |
712.1 |
886.9 |
3,039.8 |
IFRS 11
impacts |
(c) |
87.4 |
113.2 |
99.9 |
131.6 |
432.1 |
2017 adjusted revenue |
(d) = (b) + (c) |
757.6 |
883.8 |
812.0 |
1,018.5 |
3,471.9 |
Currency
impacts |
(e) |
(4.1) |
1.0 |
21.5 |
30.6 |
49.0 |
2017 adjusted revenue at 2016 exchange rates |
(f) = (d) + (e) |
753.5 |
884.8 |
833.5 |
1,049.1 |
3,520.9 |
Change in
scope |
(g) |
(12.4) |
(2.9) |
(1.9) |
(2.5) |
(19.7) |
2017 adjusted organic revenue |
(h) = (f) + (g) |
741.1 |
881.9 |
831.6 |
1,046.6 |
3,501.2 |
|
|
|
|
|
|
|
Organic growth |
(i) = (h) / (a) |
-1.0% |
+1.5% |
+4.9% |
+6.5% |
+3.2% |
€m |
Impact of currency
in 2017 |
|
|
GBP |
25.3 |
USD |
6.0 |
RMB |
16.2 |
HKD |
5.0 |
Other |
(3.5) |
|
|
Total |
49.0 |
Average exchange rate |
2017 |
2016 |
|
|
|
GBP |
1.1407 |
1.2203 |
USD |
0.8852 |
0.9034 |
RMB |
0.1311 |
0.1360 |
HKD |
0.1136 |
0.1164 |
Next information:
Q1 2018 revenue: May 14th, 2018 (after
market)
Annual General Meeting of Shareholders: May 17th,
2018
Key Figures for
JCDecaux
-
2017 revenue: €3,472m
-
JCDecaux is listed on the
Eurolist of Euronext Paris and is part of the Euronext 100 and
Euronext Family Business indexes
-
JCDecaux is part of the
FTSE4Good and Dow Jones Sustainability Europe indexes
-
N°1 worldwide in street
furniture (543,050 advertising panels)
-
N°1 worldwide in transport
advertising with more than 215 airports and 250 contracts in
metros, buses, trains and tramways (356,320 advertising
panels)
-
N°1 in Europe for billboards
(141,630 advertising panels)
-
N°1 in outdoor advertising in
Europe (672,220 advertising panels)
-
N°1 in outdoor advertising in
Asia-Pacific (216,290 advertising panels)
-
N°1 in outdoor advertising in
Latin America (77,190 advertising panels)
-
N°1 in outdoor advertising in
Africa (26,770 advertising panels)
-
N°1 in outdoor advertising in
the Middle-East (18,650 advertising panels)
-
Leader in self-service bike
rental scheme: pioneer in eco-friendly mobility
-
1,074,113 advertising panels in
more than 75 countries
-
Present in 4,033 cities with
more than 10,000 inhabitants
-
13,040 employees
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.
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
RECONCILIATION
BETWEEN ADJUSTED FIGURES AND IFRS FIGURES
Profit & Loss |
2017 |
2016 |
€m |
Adjusted |
Impact of
companies under joint control |
IFRS |
Adjusted |
Impact of
companies under joint control |
IFRS |
Revenue |
3,471.9 |
(432.1) |
3,039.8 |
3,392.8 |
(418.3) |
2,974.5 |
Operating
costs |
(2,818.4) |
303.4 |
(2,515.0) |
(2,746.3) |
299.9 |
(2,446.4) |
Operating margin |
653.5 |
(128.7) |
524.8 |
646.5 |
(118.4) |
528.1 |
Maintenance spare parts |
(46.6) |
1.3 |
(45.3) |
(46.1) |
1.0 |
(45.1) |
Amortisation and provisions (net) |
(239.7) |
17.0 |
(222.7) |
(215.8) |
16.6 |
(199.2) |
Other
operating income / expenses |
(9.1) |
0.2 |
(8.9) |
(33.2) |
0.0 |
(33.2) |
EBIT before impairment charge |
358.1 |
(110.2) |
247.9 |
351.4 |
(100.8) |
250.6 |
Net
impairment charge (1) |
(12.3) |
- |
(12.3) |
1.7 |
- |
1.7 |
EBIT after impairment charge |
345.8 |
(110.2) |
235.6 |
353.1 |
(100.8) |
252.3 |
(1) Including
impairment charge on net assets of companies under joint
control.
|
|
|
|
|
|
|
|
Cash-flow Statement |
2017 |
2016 |
€m |
Adjusted |
Impact of
companies under joint control |
IFRS |
Adjusted |
Impact of
companies under joint control |
IFRS |
Funds from operations net of maintenance costs |
436.9 |
(25.4) |
411.5 |
458.1 |
(19.0) |
439.1 |
Change in
working capital requirement |
(4.3) |
27.0 |
22.7 |
47.9 |
(29.9) |
18.0 |
Net cash flow from operating activities |
432.6 |
1.6 |
434.2 |
506.0 |
(48.9) |
457.1 |
Capital
expenditure |
(289.7) |
14.9 |
(274.8) |
(242.3) |
14.7 |
(227.6) |
Free cash flow |
142.9 |
16.5 |
159.4 |
263.7 |
(34.2) |
229.5 |
|
STATEMENT OF FINANCIAL
POSITION
Assets
In million euros |
31/12/2017 |
31/12/2016 |
Goodwill |
1,341.3 |
1,360.8 |
Other
intangible assets |
301.9 |
312.7 |
Property,
plant and equipment |
1,156.3 |
1,150.7 |
Investments under the equity method |
476.0 |
510.2 |
Financial
investments |
0.6 |
0.7 |
Other
financial assets |
89.7 |
103.7 |
Deferred
tax assets |
92.3 |
134.9 |
Current
tax assets |
1.5 |
1.1 |
Other
receivables |
23.8 |
30.2 |
NON-CURRENT ASSETS |
3,483.4 |
3,605.0 |
Other
financial assets |
3.7 |
5.1 |
Inventories |
123.8 |
112.9 |
Financial
derivatives |
0.2 |
0.9 |
Trade and
other receivables |
918.1 |
907.8 |
Current
tax assets |
49.9 |
19.1 |
Treasury
financial assets |
277.9 |
281.0 |
Cash and
cash equivalents |
728.3 |
693.1 |
CURRENT ASSETS |
2,101.9 |
2,019.9 |
TOTAL ASSETS |
5,585.3 |
5,624.9 |
Equity and liabilities
In million euros |
31/12/2017 |
31/12/2016 |
Share
capital |
3.2 |
3.2 |
Additional paid-in capital |
602.4 |
596.7 |
Consolidated reserves |
1,669.7 |
1,583.1 |
Consolidated net income (Group share) |
193.7 |
224.7 |
Other
components of equity |
(117.6) |
5.3 |
EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT
COMPANY |
2,351.4 |
2,413.0 |
Non-controlling interests |
60.7 |
21.0 |
TOTAL EQUITY |
2,412.1 |
2,434.0 |
Provisions |
385.7 |
408.9 |
Deferred
tax liabilities |
79.3 |
75.7 |
Financial
debt |
786.6 |
1,303.0 |
Debt on
commitments to purchase non-controlling interests |
80.1 |
78.2 |
Other
payables |
11.8 |
16.1 |
Financial derivatives |
0.5 |
0.0 |
NON-CURRENT LIABILITIES |
1,344.0 |
1,881.9 |
Provisions |
71.6 |
83.0 |
Financial
debt |
586.0 |
83.0 |
Debt on
commitments to purchase non-controlling interests |
21.9 |
32.0 |
Financial derivatives |
4.9 |
2.2 |
Trade and
other payables |
1,092.4 |
1,058.2 |
Income
tax payable |
39.6 |
45.2 |
Bank
overdrafts |
12.8 |
5.4 |
CURRENT LIABILITIES |
1,829.2 |
1,309.0 |
TOTAL LIABILITIES |
3,173.2 |
3,190.9 |
TOTAL EQUITY AND LIABILITIES |
5,585.3 |
5,624.9 |
STATEMENT OF COMPREHENSIVE
INCOME
INCOME STATEMENT
In million euros |
2017 |
2016 |
REVENUE |
3,039.8 |
2,974.5 |
Direct
operating expenses |
(2,002.1) |
(1,961.5) |
Selling,
general and administrative expenses |
(512.9) |
(484.9) |
OPERATING MARGIN |
524.8 |
528.1 |
Depreciation, amortisation and provisions (net) |
(235.0) |
(197.5) |
Impairment of goodwill |
0.0 |
0.0 |
Maintenance spare parts |
(45.3) |
(45.1) |
Other
operating income |
21.3 |
8.1 |
Other
operating expenses |
(30.2) |
(41.3) |
EBIT |
235.6 |
252.3 |
Financial
income |
7.2 |
13.2 |
Financial
expenses |
(42.4) |
(32.0) |
NET FINANCIAL INCOME (LOSS) |
(35.2) |
(18.8) |
Income
tax |
(98.7) |
(73.6) |
Share of
net profit of companies under the equity method |
100.3 |
95.2 |
PROFIT OF THE YEAR FROM CONTINUING OPERATIONS |
202.0 |
255.1 |
Gain or
loss on discontinued operations |
|
|
CONSOLIDATED NET INCOME |
202.0 |
255.1 |
- Including non-controlling interests |
8.3 |
30.4 |
CONSOLIDATED NET INCOME (GROUP SHARE) |
193.7 |
224.7 |
Earnings
per share (in euros) |
0.911 |
1.057 |
Diluted
earnings per share (in euros) |
0.910 |
1.056 |
Weighted
average number of shares |
212,568,746 |
212,495,553 |
Weighted
average number of shares (diluted) |
212,771,757 |
212,691,910 |
STATEMENT OF OTHER COMPREHENSIVE
INCOME
In million euros |
2017 |
2016 |
CONSOLIDATED NET INCOME |
202.0 |
255.1 |
Translation reserve adjustments on foreign transactions (1) |
(114.1) |
(23.1) |
Translation reserve adjustments on net foreign investments
(2) |
(5.6) |
1.9 |
Cash flow
hedges |
(0.3) |
(0.2) |
Tax on
the other comprehensive income subsequently released to net
income |
(0.3) |
1.4 |
Share of
other comprehensive income of companies under the equity method
(after tax) |
(16.9) |
12.2 |
Other comprehensive income subsequently released
to
net income |
(137.2) |
(7.8) |
Change in
actuarial gains and losses on post-employment benefit plans and
assets ceiling |
(2.4) |
(13.7) |
Tax on
the other comprehensive income not subsequently released to net
income |
1.1 |
3.0 |
Share of
other comprehensive income of companies under the equity method
(after tax) |
5.0 |
(0.8) |
Other comprehensive income not subsequently released to net
income |
3.7 |
(11.5) |
Total other comprehensive income |
(133.5) |
(19.3) |
TOTAL COMPREHENSIVE INCOME |
68.5 |
235.8 |
- Including non-controlling interests |
(2.7) |
31.2 |
TOTAL COMPREHENSIVE INCOME - GROUP SHARE |
71.2 |
204.6 |
(1) In 2017, the translation reserve adjustments
on foreign transactions were related to changes in foreign exchange
rates, of which €(48.6) million in Hong Kong, €(9.7) million in the
United States, €(7.2) million in the United Kingdom, €(6.6) million
in the United Arab Emirates, €(5.4) million in Mexico, €(7.7)
million in Panama and €11.2 million in Brazil. The item also
included a €2.2 million transfer in the income statement related to
the changes in scope.
In 2016, the translation reserve adjustments on
foreign transactions were related to changes in foreign exchange
rates, of which €(37.1) million in the United Kingdom, €(10.0)
million in Mexico, €7.0 million in Hong Kong, €6.0 million in
BraziI, €6.0 million in South Africa and €7.3 million in
Guatemala. The item also included a €0.1 million transfer in the
income statement related to the changes in scope.
(2) In 2017, the translation reserve
adjustments on net foreign investments included a €1.9 million
transfer in the income statement related to loans previously
qualified as net foreign investments.
In 2016, the translation
reserve adjustments on net foreign investments included a €0.4
million transfer in the income statement related to loans
previously qualified as net foreign investments. |
STATEMENT OF CASH FLOWS
In million euros |
2017 |
2016 |
NET INCOME BEFORE TAX |
300.7 |
328.7 |
Share of
net profit of companies under the equity method |
(100.3) |
(95.2) |
Dividends
received from companies under the equity method |
94.9 |
93.2 |
Expenses
related to share-based payments |
2.8 |
3.9 |
Depreciation, amortisation and provisions (net) |
233.7 |
192.2 |
Capital
gains and losses and net income (loss) on changes in scope |
(11.6) |
1.1 |
Net
discounting expenses |
7.0 |
(5.7) |
Net
interest expense |
19.3 |
15.0 |
Financial
derivatives, translation adjustments and other |
(13.2) |
5.1 |
Change in working capital |
22.7 |
18.0 |
Change in
inventories |
(14.2) |
(15.9) |
Change in
trade and other receivables |
(41.0) |
(13.2) |
Change in
trade and other payables |
77.9 |
47.1 |
CASH PROVIDED BY OPERATING ACTIVITIES |
556.0 |
556.3 |
Interest
paid |
(25.2) |
(17.6) |
Interest
received |
5.4 |
5.9 |
Income
tax paid |
(102.0) |
(87.5) |
NET CASH PROVIDED BY OPERATING ACTIVITIES |
434.2 |
457.1 |
Cash
payments on acquisitions of intangible assets and property, plant
and equipment |
(294.2) |
(233.9) |
Cash
payments on acquisitions of financial assets (long-term
investments) net of cash acquired |
(0.6) |
(84.2) |
Acquisitions of other financial assets |
(18.4) |
(14.1) |
Total investments |
(313.2) |
(332.2) |
Cash
receipts on proceeds on disposals of intangible assets and
property, plant and equipment |
19.4 |
6.3 |
Cash
receipts on proceeds on disposals of financial assets (long-term
investments) net of cash sold |
(0.1) |
7.8 |
Proceeds
on disposals of other financial assets |
23.3 |
13.3 |
Total asset disposals |
42.6 |
27.4 |
NET CASH USED IN INVESTING ACTIVITIES |
(270.6) |
(304.8) |
Dividends
paid |
(131.7) |
(133.1) |
Capital
decrease |
(2.4) |
(5.5) |
Cash
payments on acquisitions of non-controlling interests |
(12.3) |
(21.3) |
Repayment
of long-term borrowings |
(23.8) |
(88.8) |
Repayment
of finance lease debts |
(8.6) |
(7.8) |
Acquisitions and disposals of treasury financial assets |
(0.9) |
(201.0) |
Cash outflow from financing activities |
(179.7) |
(457.5) |
Cash
receipts on proceeds on disposals of interests without loss of
control |
- |
8.8 |
Capital
increase |
3.5 |
6.0 |
Increase
in long-term borrowings |
42.3 |
763.8 |
Cash inflow from financing activities |
45.8 |
778.6 |
NET CASH USED IN (PROVIDED BY) FINANCING
ACTIVITIES |
(133.9) |
321.1 |
CHANGE IN NET CASH POSITION |
29.7 |
473.4 |
Net cash position beginning of period |
687.7 |
218.4 |
Effect of
exchange rate fluctuations and other movements |
(1.9) |
(4.1) |
Net cash position end of period (1) |
715.5 |
687.7 |
(1) Including €728.3 million in cash and cash
equivalents and €(12.8) million in bank overdrafts as of 31
December 2017, compared to €693.1 million and €(5.4) million,
respectively, as of 31 December 2016. |
08-03-18 # FY
2017_UK_vDEF
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: JCDecaux via Globenewswire
JCDecaux (EU:DEC)
Historical Stock Chart
From Jun 2024 to Jul 2024
JCDecaux (EU:DEC)
Historical Stock Chart
From Jul 2023 to Jul 2024