JCDecaux: Full-Year 2019 results
Full-Year 2019 results
· Adjusted revenue up +7.5% to
€3,890.2 million
· Adjusted organic revenue up
+2.0%
· Adjusted operating margin of
€792.2 million, up +13.2%
· Adjusted EBIT, before impairment
charge, of €385.2 million, up +11.7%
· Net income Group share of €265.5
million, up +34.6%
· Adjusted free cash flow of €169.7
million, up +19.8%
· Dividend per share proposed for
the year 2019, to €0.58, in line with 2018
· Adjusted organic revenue expected
to be down around -10% in Q1 2020
Paris, March 5th, 2020 – JCDecaux
SA (Euronext Paris: DEC), the number one outdoor
advertising company worldwide, announced today its results for the
year ended December 31st, 2019. JCDecaux Supervisory Board, which
met on March 4th, 2020, approved the audited financial statements
for fiscal year 2019. A report with an unqualified opinion is being
issued by the Statutory Auditors.
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
contracts (lease agreements of locations for advertising structures
excluding real estate and vehicle rental contracts).Please refer to
the paragraph “Adjusted data” on pages 4 and 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.
Commenting on the 2019 results,
Jean-François Decaux, Chairman of the Executive Board and
Co-CEO of JCDecaux, said:
“JCDecaux, the world’s largest Out-of-Home media
company, delivered in 2019 record results which are the best since
IPO with revenue at €3,890.2 million, operating margin at
€792.2 million, EBIT before impairment at €385.2 million
and net income Group share at €265.5 million.
Our digital transformation continues to drive
growth with digital revenue growing at +33% compared to 2018 and
representing now 25.2% of Group revenue. Most advertising
categories are up led by Retail, Personal care & Luxury goods
and Entertainment and we are very pleased with our diversified
client mix with our Top 10 clients representing only 12.5% of Group
revenue.
As expected, our Group operating margin improved
by +110bp in 2019. Our H2 Street Furniture operating margin
continued to expand, thanks to a strong organic revenue performance
throughout the year while our Transport operating margin was
affected by the decline of our business in Asia in H2. On a
full-year basis, Street Furniture margin increased by +70bp, thanks
to good performances mainly in France, in North America and in
Australia. Despite a double-digit revenue decline in Asia-Pacific
in H2 2019, Transport margin grew by +180bp, driven by margin
accretion across most of the regions. Billboard posted a slight
margin decline of -10bp, due to tough market conditions in some
geographies, partly offset by the positive contribution from
APN Outdoor and the billboard rationalisation and digitisation
in UK.
Our free cash flow generation increased by
+19.8% in 2019, while we continued to significantly accelerate our
investments in digital capital expenditure.
Given the increase in our net income Group share
by +34.6% and our financial flexibility, we recommend the payment
of a dividend of €0.58 per share, in line with 2018, at
the Annual General Meeting which will take place
on May 14th, 2020.
In 2019, we remained highly focused on our ESG –
a lever of our business performance. We joined RE100, a global
leadership initiative for companies committed to 100% renewable
electricity, in line with our current objective of sourcing 100% of
our electricity consumption from renewable electricity by 2022. We
already reduced our carbon emissions by -33% in 2019 compared to
2018. We have been delighted that our leadership in ESG in
Out‑of‑Home industry has been commended in January 2020, for our
climate action and transparency, achieving a place on global
environmental impact non-profit CDP’s prestigious ‘A List’ for
climate change.
As far as the Covid-19 is concerned, our key
priority is the health of our employees and I would like to take
the opportunity to commend the exemplary behaviour of our teams
across the world during this difficult time notably in China, with
a Business Continuity Plan in place since the beginning of the
epidemic on January 28th, 2020.
Looking at Q1 2020, we expect our adjusted
organic revenue to be down around -10%, despite a positive current
trading in Street Furniture, reflecting the very material impact
from the Covid‑19 outbreak and taking into account the Q1 2019
high comparable in Transport. In Asia-Pacific, our business has
been significantly affected since the beginning of February, with a
very important decline in China in passengers and commuters in the
airports and metros where we operate. All our landlords in China
fully recognise the significant setback for the advertising
business and have all already expressed their intention to grant us
rent reductions.
During the past few weeks, we have been talking
to our clients / advertisers and we are supporting them
with exceptional temporary reliefs. Regarding Travel Retail, most
of our clients want to keep their premium locations and their
long-term commitments in our airports.
Given the magnitude of the Covid‑19 disruption,
our Group operating margin should be negatively affected in 2020,
despite saving measures being implemented without compromising our
operational quality and efficiency, to mitigate the impact. With
strong and effective measures notably taken by the Chinese
government, a rebound of the economic growth could pave the way for
a recovery with consumption and investment activities resuming,
once the epidemic is under control.
In a media landscape increasingly fragmented,
out-of-home advertising reinforces its attractiveness. With our
well diversified geographic country and advertisers portfolio, 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 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 and to
continue to invest significantly in digital.”
ADJUSTED REVENUE
As reported on January 30th, 2020,
consolidated adjusted revenue increased by +7.5% to
€3,890.2 million in 2019. Adjusted organic revenue grew by
+2%. Digital revenue were up +33% including a small but incremental
contribution from programmatic and now represent 25.2% of total
revenue. This clearly demonstrates the commercial success of our
digitisation strategy, which we are now rolling out in more markets
around the world. Our well diversified geographic country portfolio
was key to offset the weakness of our biggest market, China, in the
second half, with a strong performance in the US market and good
sales results in Europe which still represents more than 50% of
total revenue.Street Furniture with a +5.3% organic revenue growth
was driven by a very strong digital revenue increase at +28.6%,
representing 21.9% of total Street Furniture revenue. Transport
posted a positive organic revenue growth at +0.3% impacted in the
second half of the year by a deterioration in our business in
China, notably in Hong Kong, partially offset by a strong digital
revenue increase at +26.7% which represent 30.3% of total Transport
revenue. Billboard recorded a -3.5% organic revenue decline,
affected by challenging market conditions in France and in the Rest
of the World, despite the positive impact from the rationalisation
and digitisation of our UK billboard assets and a strong Group
digital billboard revenue increase at +95.5% representing 20.6% of
total Billboard revenue. Group digital revenue remained
concentrated with 71% coming from 5 markets (UK, US, Australia,
Germany and China).
ADJUSTED OPERATING MARGIN
(1)
In 2019, adjusted operating margin increased by
+13.2% to €792.2 million from €700.1 million in 2018.
Adjusted operating margin as a percentage of revenue was 20.4%,
+110bp above prior year.
|
|
2019 |
2018 |
Change 19/18 |
|
|
€m |
% of revenue |
€m |
% of revenue |
Change (%) |
Margin rate (bp) |
|
Street Furniture |
452.3 |
26.8% |
413.7 |
26.1% |
+9.3% |
+70bp |
|
Transport |
265.9 |
16.2% |
218.4 |
14.4% |
+21.7% |
+180bp |
|
Billboard |
74.1 |
13.1% |
68.0 |
13.2% |
+8,9% |
-10bp |
|
Total |
792.2 |
20.4% |
700.1 |
19.3% |
+13.2% |
+110bp |
Street Furniture: In 2019,
adjusted operating margin increased by +9.3% to
€452.3 million. As a percentage of revenue, the adjusted
operating margin increased by +70bp to 26.8%, compared to 2018,
positively impacted by good commercial performances throughout the
year mainly in France, North America and Australia with a better
operating margin accretion in H2 versus H1.
Transport: In 2019, adjusted
operating margin increased by +21.7% to €265.9 million. As a
percentage of revenue, the adjusted operating margin increased by
+180bp to 16.2% compared to 2018. Despite a double-digit revenue
decline in Asia-Pacific in H2 2019, operating margin improved,
driven by margin accretions across most of the regions.
Billboard: In 2019, adjusted
operating margin increased by +8.9% to €74.1 million. As a
percentage of revenue, adjusted operating margin decreased by -10bp
to 13.1% compared to 2018, despite the accretive contribution from
APN Outdoor.
ADJUSTED EBIT
(2)
In 2019, adjusted EBIT before impairment charge
increased by +11.7% to €385.2 million compared to
€345.0 million in 2018. As a percentage of revenue, this
represented a +40bp increase to 9.9%, from 9.5% in 2018. The
consumption of maintenance spare parts increased by
€3.9 million to €41.6 million in 2019 mainly due to
France. Net amortisation and provisions were up compared to last
year, in line with our investments related to significant contract
wins and digital and including the Purchase Accounting impact of
€29.6 million from APN Outdoor. Other operating income
and expenses impacted EBIT negatively in 2019.
An impairment charge on goodwill amounting to
€10.0 million has been recorded in 2019, compared to a
€1.4 million impairment charge in 2018. A €1.0 million
net reversal on provisions for onerous contracts, a
€2.0 million impairment on PP&E and intangible assets and
a €10.7 million reversal on net assets from companies under
joint control have been recognised in 2019 (a €0.6 million net
reversal on provisions for onerous contracts and a
€8.4 million net reversal on impairment on tangible and
intangible assets were booked in 2018).Adjusted EBIT, after
impairment charge increased by +9.2% to €384.9 million
compared to €352.6 million in 2018.
NET FINANCIAL INCOME / (LOSS)
(3)
In 2019, interest expenses on IFRS 16
leases were -€152.0 million compared to -€152.2 million
in 2018.
In 2019, excluding IFRS 16, other net
financial income / (loss) was -€24.4 million
compared to ‑€25.1 million in 2018.
EQUITY AFFILIATES
In 2019, the share of net profit from equity
affiliates was €102.0 million, slightly higher compared to
2018 (€99.5 million).
NET INCOME GROUP SHARE
In 2019, net income Group share before
impairment charge increased by +37.1% to €267.3 million
compared to €195.0 million in 2018, including a positive
one-off net impact of €35.7 million due to the application of
IFRS 16 on our core business, leading to reversal of lease
liabilities and rights-of-use relating to contracts renegotiation
during the period.
Taking into account the impact from the
impairment charge, net income Group share increased by +34.6% to
€265.5 million compared to €197.2 million in 2018.
ADJUSTED CAPITAL
EXPENDITURE
In 2019, adjusted net capex (acquisition of
property, plant and equipment and intangible assets, net of
disposals of assets) was at €375.4 million compared to
€286.4 million, up compared to last year, mainly due to the
new Street Furniture contracts in Europe as well as the
digitisation across all segments.
ADJUSTED FREE CASH FLOW
(4)
In 2019, adjusted free cash flow was
€169.7 million compared to €141.7 million in 2018. The
increase is mainly due to an increase in funds from operations, an
improvement in change in working capital requirements thanks to a
good cash collection and inventory management from our operations
despite higher capex as expected, in line with our investments
following significant contract wins over the last 2 years.
DIVIDEND
At the next Annual General Meeting of
Shareholders on May 14th, 2020, the Supervisory Board will
recommend the payment of a dividend of €0.58 per share for the 2019
financial year, in line with 2018.
NET DEBT
(5)
Net debt as of December 31st, 2019 amounted
to €1,125.0 million compared to a net debt position of
€1,179.9 million as of December 31st, 2018.
RIGHTS-OF-USE & LEASE LIABILITIES,
IFRS 16
Rights-of-use, IFRS 16 as of
December 31st, 2019 amounted to €3,958.5 million compared
to €4,498.1 million as of December 31st, 2018, a
decrease related to the amortisation of rights-of-use during the
period and contracts renegotiations partially offset by new
contracts, contracts extended and contracts renewed.
IFRS 16 lease liabilities decreased by
€589.6 million from €5,186.1 million as of December
31st, 2018 to €4,596.5 million as of
December 31st, 2019, the decrease in lease liabilities
corresponding to rents paid and renegotiated during the period
partially offset by 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 contracts (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 2019, the impacts of IFRS 11 and
IFRS 16 on our adjusted aggregates are:
- -€402.5 million for IFRS 11 on adjusted revenue
(-€437.1 million for IFRS 11 in 2018) leaving IFRS
revenue at €3,487.6 million (€3,181.4 million in
2018).
- -€123.8 million for IFRS 11 and €1,045.8 million
for IFRS 16 on adjusted operating margin (-€133.8 million
for IFRS 11 and €967.1 million for IFRS 16 in 2018)
leaving IFRS operating margin at €1,714.2 million
(€1,533.4 million in 2018).
- -€98.7 million for IFRS 11 and €185.0 million
for IFRS 16 on adjusted EBIT before impairment charge
(-€109.3 million for IFRS 11 and €106.4 million for
IFRS 16 in 2018) leaving IFRS EBIT before impairment charge at
€471.6 million (€342.1 million in 2018).
- -€109.4 million for IFRS 11 and €185.0 million
for IFRS 16 on adjusted EBIT after impairment charge
(-€109.3 million for IFRS 11 and €106.4 million for
IFRS 16 in 2018) leaving IFRS EBIT after impairment charge at
€460.6 million (€349.8 million in 2018).
- €15.1 million for IFRS 11 on adjusted capital
expenditure (€14.3 million for IFRS 11 in 2018) leaving
IFRS capital expenditure at -€360.3 million
(-€272.1 million in 2018).
- €19.9 million for IFRS 11 and €949.5 million for
IFRS 16 on adjusted free cash flow (-€21.8 million for
IFRS 11 and €849.1 million for IFRS 16 in 2018)
leaving IFRS free cash flow at €1,139.1 million
(€969.0 million in 2018).
The full reconciliation between adjusted figures
and IFRS figures is provided on page 8 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 (-€12.0 million and
-€1.8 million in 2019 and 2018 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 |
Q3 |
Q4 |
FY |
| |
|
|
|
|
|
|
|
2018 adjusted revenue |
(a) |
742.5 |
900.8 |
867.7 |
1,107.5 |
3,618.5 |
| |
|
|
|
|
|
|
|
2019 IFRS revenue |
(b) |
753.2 |
898.2 |
832.1 |
1,004.1 |
3,487.6 |
|
IFRS 11 impacts |
(c) |
86.8 |
104.1 |
93.7 |
118.0 |
402.5 |
|
2019 adjusted revenue |
(d) = (b) + (c) |
840.0 |
1,002.3 |
925.8 |
1,122.0 |
3,890.2 |
|
Currency impacts |
(e) |
(13.1) |
(9.4) |
(10.9) |
(12.3) |
(45.7) |
|
2019 adjusted revenue at 2018 exchange rates |
(f) = (d) + (e) |
826.9 |
992.9 |
914.9 |
1,109.8 |
3,844.5 |
|
Change in scope |
(g) |
(44.4) |
(46.3) |
(46.2) |
(18.4) |
(155.3) |
|
2019 adjusted organic revenue |
(h) = (f) + (g) |
782.5 |
946.6 |
868.7 |
1,091.4 |
3,689.2 |
| |
|
|
|
|
|
|
|
Organic growth |
(i) = (h) / (a) |
+5.4% |
+5.1% |
+0.1% |
-1.5% |
+2.0% |
|
€m |
Impact of currencyas of December 31st,
2019 |
| |
|
|
USD |
(17.3) |
|
HKD |
(11.3) |
|
UAE |
(4.2) |
|
RMB |
(4.2) |
|
Other |
(8.7) |
|
|
|
|
Total |
(45.7) |
|
Average exchange rate |
FY 2019 |
FY 2018 |
| |
|
|
|
USD |
0.8933 |
0.8468 |
|
HKD |
0.1140 |
0.1080 |
|
UAE |
0.2431 |
0.2304 |
|
RMB |
0.1293 |
0.1281 |
Next
information:Q1 2020 revenue: May 12th, 2020 (after
market)Annual General Meeting of Shareholders: May 14th, 2020
Key Figures for
JCDecaux-
2019 revenue:
€3,890m-
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
RECONCILIATION BETWEEN ADJUSTED FIGURES
AND IFRS FIGURES
|
Profit & Loss |
2019 |
2018 (1) |
|
€m |
Adjusted |
Impact of companies under joint control |
Impact of IFRS 16 from controlled entities (2) |
IFRS |
Adjusted |
Impact of companies under joint control |
Impact of IFRS 16 from controlled entities (2) |
IFRS |
|
Revenue |
3,890.2 |
(402.5) |
- |
3,487.6 |
3,618.5 |
(437.1) |
- |
3,181.4 |
|
Net operating costs |
(3,098.0) |
278.7 |
1,045.8 |
(1,773.5) |
(2,918.4) |
303.3 |
967.1 |
(1,648.0) |
|
Operating margin |
792.2 |
(123.8) |
1,045.8 |
1,714.2 |
700.1 |
(133.8) |
967.1 |
1,533.4 |
|
Maintenance spare parts |
(41.6) |
1.1 |
- |
(40.5) |
(37.7) |
1.1 |
- |
(36.6) |
|
Amortisation and provisions (net) |
(358.1) |
23.5 |
(923.9) |
(1,258.6) |
(312.2) |
22.1 |
(861.6) |
(1,151.6) |
|
Other operating income / expenses |
(7.2) |
0.5 |
63.1 |
56.4 |
(5.2) |
1.3 |
0.8 |
(3.1) |
|
EBIT before impairment charge |
385.2 |
(98.7) |
185.0 |
471.6 |
345.0 |
(109.3) |
106.4 |
342.1 |
|
Net impairment charge (3) |
(0.3) |
(10.7) |
- |
(11.0) |
7.6 |
- |
- |
7.6 |
|
EBIT after impairment charge |
384.9 |
(109.4) |
185.0 |
460.6 |
352.6 |
(109.3) |
106.4 |
349.8 |
|
(1) The 2018 comparative figures are restated from the
retrospective application of IFRS 16, applicable from January 1st,
2019.(2) IFRS 16 impact on core and non-core business contracts
from controlled entities(3) Including impairment charge on net
assets of companies under joint control. |
|
| |
|
|
|
|
|
|
|
|
Cash-Flow Statement |
2019 |
2018 (1) |
|
€m |
Adjusted |
Impact of companies under joint control |
Impact of IFRS 16 from controlled entities (2) |
IFRS |
Adjusted |
Impact of companies under joint control |
Impact of IFRS 16 from controlled entities (2) |
IFRS |
|
Funds from operations net of maintenance
costs |
550.8 |
(4.9) |
947.3 |
1,493.2 |
503.4 |
(27.0) |
869.0 |
1,345.4 |
|
Change in working capital requirement |
(5.8) |
9.7 |
2.2 |
6.2 |
(75.3) |
(9.1) |
(19.9) |
(104.3) |
|
Net cash flow from operating activities |
545.1 |
4.8 |
949.5 |
1,499.4 |
428.1 |
(36.1) |
849.1 |
1,241.1 |
|
Capital expenditure |
(375.4) |
15.1 |
- |
(360.3) |
(286.4) |
14.3 |
- |
(272.1) |
|
Free cash flow |
169.7 |
19.9 |
949.5 |
1,139.1 |
141.7 |
(21.8) |
849.1 |
969.0 |
|
(1) The 2018 comparative figures are restated from the
retrospective application of IFRS 16, applicable from January 1st,
2019.(2) IFRS 16 impact on core and non-core business contracts
from controlled entities |
|
STATEMENT OF FINANCIAL POSITION
Assets
| In million
euros |
31/12/2019 |
31/12/2018 Restated (1) |
01/01/2018 Restated (1) |
|
Goodwill |
1,779.0 |
1,939.0 |
1,341.3 |
|
Other intangible assets |
612.5 |
393.6 |
301.9 |
|
Property, plant and equipment |
1,394.7 |
1,274.0 |
1,135.3 |
|
Right-of-use |
3,958.5 |
4,498.1 |
3,893.1 |
|
Investments under the equity method |
452.3 |
443.6 |
447.8 |
|
Other financial assets |
75.8 |
75.4 |
78.2 |
|
Financial derivatives |
0.1 |
- |
- |
|
Deferred tax assets |
122.7 |
137.6 |
114.0 |
|
Current tax assets |
1.4 |
1.1 |
1.5 |
|
Other receivables |
17.1 |
18.3 |
15.4 |
|
NON-CURRENT ASSETS |
8,414.1 |
8,780.6 |
7,328.4 |
|
Other financial assets |
4.5 |
30.2 |
3.7 |
|
Inventories |
175.1 |
159.4 |
123.8 |
|
Financial derivatives |
1.1 |
4.9 |
0.2 |
|
Trade and other receivables |
1,021.5 |
1,001.0 |
874.5 |
|
Current tax assets |
34.5 |
18.4 |
49.9 |
|
Treasury financial assets |
83.5 |
81.2 |
277.9 |
|
Cash and cash equivalents |
149.8 |
112.3 |
728.3 |
|
CURRENT ASSETS |
1,470.0 |
1,407.4 |
2,058.3 |
|
TOTAL ASSETS |
9,884.1 |
10,188.0 |
9,386.7 |
(1) Restated from the retrospective application of IFRS 16
« Leases » applicable from January 1st, 2019.
Equity and liabilities
| In million
euros |
31/12/2019 |
31/12/2018 Restated (1) |
01/01/2018 Restated (1) |
|
Share capital |
3.2 |
3.2 |
3.2 |
|
Additional paid-in capital |
608.5 |
606.4 |
602.4 |
|
Consolidated reserves |
1,510.2 |
1,437.2 |
1,376.5 |
|
Consolidated net income (Group share) |
265.5 |
197.2 |
189.9 |
|
Other components of equity |
(155.9) |
(166.2) |
(146.1) |
|
EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT
COMPANY |
2,231.5 |
2,077.9 |
2,025.9 |
|
Non-controlling interests |
36.8 |
30.9 |
32.3 |
|
TOTAL EQUITY |
2,268.3 |
2,108.8 |
2,058.2 |
|
Provisions |
360.1 |
332.8 |
315.8 |
|
Deferred tax liabilities |
132.1 |
64.0 |
53.0 |
|
Financial debt |
753.1 |
1,062.9 |
772.2 |
|
Debt on commitments to purchase non-controlling interests |
104.8 |
87.8 |
80.1 |
|
Lease liabilities |
3,564.3 |
4,163.2 |
3,664.3 |
|
Other payables |
22.0 |
15.0 |
11.5 |
|
Income tax payable |
0.0 |
0.0 |
0.0 |
|
Financial derivatives |
0.0 |
0.2 |
0.5 |
|
NON-CURRENT LIABILITIES |
4,936.5 |
5,726.0 |
4,897.3 |
|
Provisions |
58.3 |
61.6 |
51.3 |
|
Financial debt |
595.7 |
289.6 |
578.1 |
|
Debt on commitments to purchase non-controlling interests |
4.6 |
4.6 |
21.9 |
|
Financial derivatives |
3.3 |
1.3 |
4.9 |
|
Lease liabilities |
1,032.3 |
1,022.9 |
865.9 |
|
Trade and other payables |
930.7 |
905.4 |
856.6 |
|
Income tax payable |
46.9 |
43.4 |
39.6 |
|
Bank overdrafts |
7.4 |
24.3 |
12.8 |
|
CURRENT LIABILITIES |
2,679.3 |
2,353.2 |
2,431.2 |
|
TOTAL LIABILITIES |
7,615.7 |
8,079.2 |
7,328.5 |
|
TOTAL EQUITY AND LIABILITIES |
9,884.1 |
10,188.0 |
9,386.7 |
(1) Restated from the retrospective application of IFRS 16
« Leases »applicable from January 1st, 2019.
STATEMENT OF COMPREHENSIVE
INCOMEINCOME
STATEMENT
| In million
euros |
2019 |
2018 Restated (1) |
|
REVENUE |
3,487.6 |
3,181.4 |
|
Direct operating expenses |
(1,222.4) |
(1,127.0) |
|
Selling, general and administrative expenses |
(551.2) |
(521.0) |
|
OPERATING MARGIN |
1,714.2 |
1,533.4 |
|
Depreciation, amortisation and provisions (net) |
(1,259.5) |
(1,142.5) |
|
Impairment of goodwill |
(10.0) |
(1.4) |
|
Maintenance spare parts |
(40.5) |
(36.6) |
|
Other operating income |
83.4 |
36.6 |
|
Other operating expenses |
(27.0) |
(39.7) |
|
EBIT |
460.6 |
349.8 |
|
Interest expenses on IFRS 16 lease |
(152.0) |
(152.2) |
|
Financial income |
6.4 |
7.7 |
|
Financial expenses |
(42.8) |
(34.6) |
|
Net financial income excluding IFRS 16 |
(36.4) |
(26.9) |
|
NET FINANCIAL INCOME (LOSS) |
(188.4) |
(179.0) |
|
Income tax |
(92.1) |
(57.8) |
|
Share of net profit of companies under the equity method |
102.0 |
99.5 |
|
PROFIT OF THE YEAR FROM CONTINUING OPERATIONS |
282.2 |
212.5 |
|
Gain or loss on discontinued operations |
0.0 |
0.0 |
|
CONSOLIDATED NET INCOME |
282.2 |
212.5 |
|
- Including non-controlling interests |
16.7 |
15.3 |
|
CONSOLIDATED NET INCOME (GROUP SHARE) |
265.5 |
197.2 |
|
Earnings per share (in euros) |
1.247 |
0.927 |
|
Diluted earnings per share (in euros) |
1.247 |
0.926 |
|
Weighted average number of shares |
212,895,694 |
212,765,223 |
|
Weighted average number of shares (diluted) |
212,918,809 |
212,808,951 |
(1) Restated from the retrospective application of IFRS 16
« Leases »applicable from January 1st, 2019.
STATEMENT OF OTHER COMPREHENSIVE INCOME
| In million
euros |
2019 |
2018 Restated (1) |
|
CONSOLIDATED NET INCOME |
282.2 |
212.5 |
|
Translation reserve adjustments on foreign transactions (2) |
11.7 |
(21.9) |
|
Translation reserve adjustments on net foreign investments |
(0.9) |
(1.9) |
|
Cash flow hedges |
(1.1) |
2.6 |
|
Tax on the other comprehensive income subsequently released to net
income |
0.3 |
(0.0) |
|
Share of other comprehensive income of companies under the equity
method (after tax) |
4.8 |
(2.8) |
|
Other comprehensive income subsequently released to net
income |
14.9 |
(24.0) |
|
Change in actuarial gains and losses on post-employment benefit
plans and assets ceiling |
(13.1) |
(2.1) |
|
Tax on the other comprehensive income not subsequently released to
net income |
2.4 |
(0.2) |
|
Share of other comprehensive income of companies under the equity
method (after tax) |
6.0 |
1.8 |
|
Other comprehensive income not subsequently released to net
income |
(4.7) |
(0.6) |
|
Total other comprehensive income |
10.2 |
(24.5) |
|
TOTAL COMPREHENSIVE INCOME |
292.4 |
188.0 |
| - Including non-controlling
interests |
16.2 |
14.9 |
|
TOTAL COMPREHENSIVE INCOME - GROUP SHARE |
276.2 |
173.1 |
- Restated from the retrospective application of IFRS 16
« Leases » applicable from January 1st, 2019.
- In 2019, the translation reserve adjustments on foreign
transactions were related to changes in foreign exchange rates, of
which €5.4 million in Mexico, €12.2 million in the United Kingdom,
€(4.2) million in Israel, €(4.9) million in Zimbabwe, €2.9 million
in South Africa. The item also included a €(1.0) million transfer
in the income statement related to the changes in scope.
In 2018, the
translation reserve adjustments on foreign transactions were
related to changes in foreign exchange rates, of which €(11.3)
million in Australia, €(6.8) million in Brazil, €(4.9) million in
Angola, €(4.1) million in South Africa and €10.1 million in Hong
Kong. The item also included a €0.5 million transfer in the income
statement related to the changes in scope.
STATEMENT OF CASH FLOWS
| In million
euros |
2019 |
2018 Restated (1) |
|
NET INCOME BEFORE TAX |
374.2 |
270.3 |
|
Share of net profit of companies under the equity method |
(102.0) |
(99.5) |
|
Dividends received from companies under the equity method |
105.6 |
103.5 |
|
Expenses related to share-based payments |
0.2 |
1.0 |
|
Depreciation, amortisation and provisions (net) |
1,270.4 |
1,144.9 |
|
Capital gains and losses and net income (loss) on changes in
scope |
(11.0) |
(21.1) |
|
Gains and losses on lease contracts |
(63.0) |
(0.8) |
|
Net discounting expenses |
16.6 |
7.3 |
|
Net interest expense & interest expenses on IFRS16 lease |
163.3 |
162.6 |
|
Financial derivatives, translation adjustments and other |
6.2 |
0.5 |
|
Change in working capital |
6.2 |
(104.3) |
|
Change in inventories |
(5.7) |
(34.6) |
|
Change in trade and other receivables |
11.0 |
(90.9) |
|
Change in trade and other payables |
0.9 |
21.1 |
|
CASH FLOWS FROM OPERATING ACTIVITIES |
1,766.6 |
1,464.3 |
|
Interest paid on IFRS16 lease |
(154.7) |
(149.5) |
|
Interest paid |
(17.4) |
(27.4) |
|
Interest received |
5.5 |
6.8 |
|
Income tax paid |
(100.6) |
(53.1) |
|
NET CASH FLOWS FROM OPERATING ACTIVITIES |
1,499.4 |
1,241.1 |
|
Cash payments on acquisitions of intangible assets and property,
plant and equipment |
(378.9) |
(309.8) |
|
Cash payments on acquisitions of financial assets (long-term
investments) net of cash acquired |
(15.6) |
(673.3) |
|
Acquisitions of other financial assets |
(4.9) |
(34.1) |
|
Total investments |
(399.4) |
(1,017.2) |
|
Cash receipts on proceeds on disposals of intangible assets and
property, plant and equipment |
18.6 |
37.7 |
|
Cash receipts on proceeds on disposals of financial assets
(long-term investments) net of cash sold |
1.6 |
4.2 |
|
Proceeds on disposals of other financial assets |
31.9 |
9.3 |
|
Total asset disposals |
52.1 |
51.2 |
|
NET CASH FLOWS FROM INVESTING ACTIVITIES |
(347.3) |
(966.0) |
|
Dividends paid |
(135.6) |
(135.7) |
|
Purchase of treasury shares |
(12.1) |
- |
|
Cash payments on acquisitions of non-controlling interests |
(2.9) |
(15.3) |
|
Capital decrease |
0.0 |
0.0 |
|
Repayment of long-term borrowings |
(83.5) |
(644.0) |
|
Repayment of lease liabilities |
(949.5) |
(849.1) |
|
Acquisitions and disposals of treasury financial assets |
(1.1) |
199.0 |
|
Cash outflow from financing activities |
(1,184.8) |
(1,445.1) |
|
Cash receipts on proceeds on disposal of interests without loss of
control |
8.5 |
- |
|
Capital increase |
2.2 |
4.0 |
|
Sale of treasury shares |
11.6 |
- |
|
Increase in long-term borrowings |
79.6 |
545.3 |
|
Cash inflow from financing activities |
101.9 |
549.3 |
|
NET CASH FLOWS FROM FINANCING ACTIVITIES |
(1,082.8) |
(895.8) |
|
CHANGE IN NET CASH POSITION |
69.3 |
(620.7) |
|
Net cash position beginning of period |
88.0 |
715.5 |
|
Effect of exchange rate fluctuations and other movements |
(14.8) |
(6.8) |
|
Net cash position end of period (2) |
142.4 |
88.0 |
- applicable from January 1st, 2019.
- Including €149.8 million in cash and cash equivalents
and €(7.4) million in bank overdrafts as of 31 December 2019,
compared to €112.3 million and €(24.3) million, respectively, as of
31 December 2018.
- 05-03-20 # FY 2019_UK_vDEF - Avec Annexes
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