JCDecaux: Full-Year 2021 results
Full-Year
2021
results
- Adjusted
revenue up
+18.7%
to
€2,744.6
million
- Adjusted
organic revenue up
+18.5%
- Adjusted
operating margin of
€422.3
million,
+€280.6
million yoy
- Adjusted
EBIT, before impairment, of
€16.3
million,
+€369.2
million yoy
- Net
income Group share of
-€14.5
million,
+€590.0
million yoy
-
Adjusted free cash flow
of
€211.5
million, +49.6 million
yoy
-
Best-in-class ESG ratings
-
Proposal to AGM not to
pay any dividend in 2022
- Adjusted
organic revenue expected to be
above +40% in Q1
2022
Paris, March
10th,
2022 – JCDecaux SA
(Euronext Paris: DEC), the number one outdoor advertising company
worldwide, announced today its results for the year ended December
31st, 2021. JCDecaux Supervisory Board, which met on March 9th,
2022, approved the audited financial statements for fiscal year
2021. A report with an unqualified opinion is being issued by the
Statutory Auditors.
Commenting on the 2021 results,
Jean-François Decaux,
Chairman of the Executive Board and Co-CEO of JCDecaux,
said:
“Our 2021 group revenue grew by +18.7%, +18.5%
on an organic basis with a very strong digital revenue growth, to
reach €2,744.6 million despite national and local mobility
restrictions including semi-lockdowns in some European and
Asia-Pacific countries.
Digital Out Of Home (DOOH) grew by +33.2% in
full-year 2021 to reach a record 26.9% of Group revenue for 2021 as
we continued to accelerate our digital transformation and
maintained our focus on the roll-out of digital screens and on the
development of our automated data-driven planning and trading
solutions. Programmatic advertising gained good momentum via the
VIOOH platform which is now trading in 15 countries, connected to
multiple DSPs (Demand Side Platforms).
While our client portfolio is diversified with
the top 10 clients representing c.13% of our revenue, internet
companies increased their spend by 69.4% representing now 7.3% of
total revenue and our biggest category is now Fashion/Personal care
and Luxury Goods with 15.0% of total revenue ahead of retail at
14.6%.
With revenue growing by €432.8m in 2021, our
adjusted operating margin has reached €422.3m improving by €280.6m
reflecting a strong operating leverage thanks to a revenue mix
geared toward the higher margin Street Furniture business segment,
our ongoing strict cost control and some rent relieves in line with
the revenue shortfall linked to Covid-19 restrictions. Although
improving by €590m year-on-year, our net result group share is
still slightly negative at -€14.5m. Our tight management over
working capital requirements and selective capex reduction as well
as the decision not to distribute dividends allowed us to generate
an improved positive free-cash-flow at €211.5m in 2021 and to
reduce our net debt at around €925m at the end of the period (vs
€1,086m at the end of 2020).
We continued to strengthen our ESG leading
initiatives and commitments such as our global carbon neutrality
contribution with France as a first step from 2021 onwards. The
acknowledgement of our sustainability strategy by extra-financial
rating agencies such as our A Leadership ranking in the Carbon
Disclosure Project (CDP) and our new Gold Medal status by EcoVadis
demonstrates the excellence of our environmental, social and
governance practices which have been in our DNA since the company
was created, as well as our ongoing commitment to ensuring
transparency towards our stakeholders.
In order to continue to optimize our financial
flexibility, we will propose at the Annual General Meeting which
will take place on May 11th, 2022, not to pay any
dividend in 2022.
As far as Q1 2022 is concerned, we expect an
organic revenue growth of above +40% driven by Europe, UK, US, Rest
of the World while Asia-Pacific revenue growth is lower due to
ongoing mobility restrictions. Our digital revenue growth continues
to be very strong while analogue growth remains robust.
I would like once again to sincerely thank our
teams across the world for their hard work, their strong
commitment, their resilience, their agility, and their innovation
spirit.
The Executive Board decided to immediately put
in place financial and other measures to support the Ukrainian
people as well as our local staff of the BigBoard JV suffering from
the disastrous humanitarian consequences caused by the war against
their country. JCDecaux has no exposure in Russia since the sale of
its 25% stake in Russ Outdoor in 2020. Revenue in Ukraine in Q4
2021 accounted for c. 0.1% of total revenue.
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
As reported on January 27th, 2022, adjusted
revenue increased by +18.7% to €2,744.6 million compared to
€2,311.8 million in 2020, with a strong sequential revenue rebound
when restrictions are lifted. Excluding the positive impact from
foreign exchange variations and the negative impact from changes in
perimeter, adjusted organic revenue increased by +18.5%. Adjusted
organic advertising revenue, excluding revenue related to sale,
rental and maintenance of street furniture and advertising
displays, increased by +18.9% in 2021.By activity, Street Furniture
rebounded the most followed by Billboard and Transport. Pedestrian
and car traffic audiences recovered rapidly when lockdowns were
lifted while for Transport international air traffic remained low
throughout the year due to the Covid19 pandemic. Public transport
assets remained temporarily affected by local mobility
restrictions. All geographies performed strongly in 2021 compared
to 2020, especially in Q4 despite Omicron and mobility restrictions
in some countries. Rest of the World improved the most, from a low
level in 2020 while Europe (including France and UK) was the
closest to 2019 levels as Street Furniture performed well. For
Transport, in China, businesses exposed to domestic audiences
recovered well as revenues were close to pre-Covid levels for
domestic transport advertising (including metros, buses, domestic
airport terminals) and already above 2019 revenue levels for
domestic airport advertising more specifically.
ADJUSTED OPERATING MARGIN
(1)
For 2021, adjusted operating margin reached
€422.3 million vs €141.6 million in 2020, a significant
increase by €280.6 million reflecting a strong operating leverage
with 65% of the revenue increase going to the operating margin
thanks to a tight management of operating costs.
The adjusted operating margin as a percentage of
revenue was 15.4%, +930bp above prior year, reflecting a strong
operating leverage.
|
2021 |
2020 |
Change 21/20 |
|
€m |
% of revenue |
€m |
% of revenue |
Change (€m) |
Margin rate (bp) |
Street Furniture |
323.4 |
22.5% |
145.4 |
12.9% |
+178.1 |
+960bp |
Transport |
58.2 |
6.6% |
2.6 |
0.3% |
+55.6 |
+630bp |
Billboard |
40.7 |
9.5% |
-6.3 |
-1.7% |
+47.0 |
+1,120bp |
Total |
422.3 |
15.4% |
141.6 |
6.1% |
+280.6 |
+930bp |
Street Furniture: In 2021,
adjusted operating margin increased by €178.1 million to
€323.4 million. As a percentage of revenue, the adjusted
operating margin was 22.5%, +960bp above prior year.
Transport: In 2021, adjusted
operating margin improved by €55.6 million to €58.2m. As a
percentage of revenue, the adjusted operating margin was 6.6%,
+630bp above prior year.
Billboard: In 2021, adjusted
operating margin improved by €47.0 million. As a percentage of
revenue, the adjusted operating margin was 9.5%, +1,120bp above
prior year.
ADJUSTED EBIT
(2)
In 2021, adjusted EBIT before impairment came
back to positive territory at €16.3 million compared to
-€352.9 million in 2020. As a percentage of revenue, this
represented a 1,590bp increase to 0.6%, from -15.3% in 2020. The
positive variation of €369.2 million is mainly due to the
increase of the operating margin and non-recurring other operating
income / expenses in 2020 (such as a net loss on sale of our
minority stake in Russ Outdoor in Russia and restructuring costs to
adjust our cost base) while net amortisation and provisions were
relatively stable.
The impairment on property, plant and equipment
and intangible assets is limited to -€7.6 million in 2021, no
impairment charge on goodwill was recorded in 2021.
In 2020, an overall -€222.3 million
impairment charge was recognised mainly due to the consequences of
the Covid-19 situation: -€36.7 million impairment charge on
intangible assets and PP&E, a -€9.4 million net provision
for onerous contracts and -€0.2 million provision on net
assets from companies under joint control and -€176.0m impairment
charge on goodwill, of which -€128.0m related the Pacific region
and -€48.0m related to the Billboard business in the Rest of the
World (-€10.0m impairment charge on goodwill was recorded in
2019).
Adjusted EBIT, after impairment charge, has
improved by €583.9 million from -€575.2 million in 2020 to €8.7
million in 2021.
NET FINANCIAL INCOME / (LOSS)
(3)
In 2021, interest expenses on IFRS 16
leases were -€82.2 million compared to -€118.1 million in
2020, a favourable variation of €35.9 million mainly coming
from the mechanical reduction of the IFRS 16 lease liability
related to the contract life progression.
In 2021, excluding IFRS 16, other net
financial income / (loss) was -€42.8 million
compared to -€40.6 million in 2020, a variation of
-€2.2 million mainly corresponding to the financial interest
expenses relating to the €1 billion bond placed in
April 2020 partially compensated by some positive FX
variation.
EQUITY AFFILIATES
In 2021, the share of net profit from equity
affiliates turned positive to €48.6 million, increasing
significantly compared to 2020 (-€1.3 million) reflecting the
improvement in their operational performance.
NET INCOME GROUP SHARE
In 2021, net income Group share before
impairment charge increased by +€384.6 million to
-€8.7 million compared to -€393.3 million in 2020.
Taking into account the impact from the
impairment charge, net income Group share increased by €590.0
million to -€14.5 million compared to -€604.6 million in 2020
due to the impairment charges recognized in 2020 as reminded
above.
ADJUSTED CAPITAL
EXPENDITURE
In 2021, adjusted net capex (acquisition of
property, plant and equipment and intangible assets, net of
disposals of assets) was reduced by -14.8% from €185.0 million
in 2020 to €157.5 million from a base already significantly
reduced in 2020 compared to 2019. A selective reduction nonetheless
as growth capex including capex to pursue digitisation in premium
locations and to roll-out our programmatic trading solutions
continued to increase in percentage of total capex.
ADJUSTED FREE CASH FLOW
(4)
In 2021, adjusted free cash flow was
€211.5 million, an improvement by €49.6 million vs. 2020, the
positive variation from the funds from operations and capex
reduction was partially offset by the negative impact from the
variation in the change in working capital requirements mainly
related to the increase in the revenue in Q4 2021.
Funds from operations net of maintenance costs
reached €237.6 million improving by +€293.8 million compared to
2020 due to the increase in the operating margin, the decrease in
income tax and restructuring costs paid over the period, partly
mitigated by the interests paid due to the increase in gross debt
resulting from the bonds issued in 2020.
Changes in our working capital had nonetheless a
positive impact of €131.4 million due to a tight management over
cash collection and payments but less positive than in 2020 which
benefited from the significant decline in revenue.
DIVIDEND
No dividend was paid in 2021 in the context of
the Covid-19 pandemic, in order to strengthen Group’s liquidity,
balance sheet and financial flexibility.
In order to continue to optimize our financial
flexibility, we will propose at the Annual General Meeting which
will take place on May 11th, 2022, not to pay any
dividend in 2022.
NET DEBT
(5)
Net debt as of December 31st, 2021 amounted
to €924.5 million compared to €1,086.3 million as of
December 31st, 2020 thanks to the positive free cash flow driven by
the increase in revenue and by measures taken by the Group to
preserve cash.
In January 2022, we extended our debt maturity
schedule and secured our financing profile with the issuance of a
€500 million bond with a maturity in 2030 and a coupon at 1.625%.
Subscribed more than 3 times and placed with investors of high
quality, the success of this new issuance demonstrates both the
quality of JCDecaux’s signature and the investors’ confidence in
the rebound capacity and in the growth potential of the Group.
RIGHT-OF-USE & LEASE
LIABILITIES IFRS 16
Rights-of-use, IFRS 16 as of
December 31st, 2021 amounted to €2,964.8 million compared to
€3,416.5 million as of December 31st, 2020, a decrease
related to the amortisation of rights-of-use, contracts
renegotiations partially offset by new contracts, foreign exchange
rate impacts, contracts extended and contracts renewed.
IFRS 16 lease liabilities decreased by
€490.0 million from €4,145.8 million as of December
31st, 2020 to €3,655.8 million as of
December 31st, 2021, the decrease in lease liabilities
corresponding to rents paid and renegotiated partially offset by
new contracts, foreign exchange rate impacts, 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 2021, the impacts of IFRS 11 and
IFRS 16 on our adjusted aggregates are:
- -€222.1 million for
IFRS 11 on adjusted revenue (-€212.0 million for
IFRS 11 in 2020) leaving IFRS revenue at €2,522.5 million
(€2,099.8 million in 2020).
- -€58.9 million for
IFRS 11 and €800.5 million for IFRS 16 on adjusted
operating margin (-€41.5 million for IFRS 11 and
€978.6 million for IFRS 16 in 2020) leaving IFRS
operating margin at €1,163.9 million (€1,078.7 million in
2020).
- -€39.5 million for
IFRS 11 and €99.5 million for IFRS 16 on adjusted
EBIT before impairment charge (-€19.7 million for IFRS 11
and €118.9 million for IFRS 16 in 2020) leaving IFRS EBIT
before impairment charge at €76.2 million (-€253.7 million in
2020).
- -€39.5 million for
IFRS 11 and €99.5 million for IFRS 16 on adjusted
EBIT after impairment charge (-€19.5 million for IFRS 11
and €118.9 million for IFRS 16 in 2020) leaving IFRS EBIT
after impairment charge at €68.6 million (-€475.8 million
in 2020).
- €7.2 million for IFRS 11
on adjusted capital expenditure (€8.0 million for IFRS 11
in 2020) leaving IFRS capital expenditure at -€150.3 million
(-€176.9 million in 2020).
- -€7.8 million for IFRS 11
and €647.8 million for IFRS 16 on adjusted free cash flow
(€16.0 million for IFRS 11 and €533.2 million for
IFRS 16 in 2020) leaving IFRS free cash flow at
€851.5 million (€711.2 million in 2020).
The full reconciliation between adjusted figures
and IFRS 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, amortization and provisions (net) less Impairment of
goodwill less Maintenance spare parts less Other operating income
and expenses.
(3) Net financial
income / (loss): Excluding the net impact of discounting
and revaluation of debt on commitments to purchase minority
interests (-€2.1 million in 2021 and 2020).
(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 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 |
|
|
|
|
|
|
|
2020 adjusted revenue |
(a) |
723.6 |
351.9 |
541.2 |
695.1 |
2,311.8 |
|
|
|
|
|
|
|
2021 IFRS revenue |
(b) |
416.7 |
577.7 |
647.1 |
881.0 |
2,522.5 |
IFRS 11 impacts |
(c) |
37.6 |
50.3 |
59.4 |
74.8 |
222.1 |
2021 adjusted revenue |
(d) = (b) + (c) |
454.3 |
628.1 |
706.5 |
955.8 |
2,744.6 |
Currency impacts |
(e) |
10.6 |
4.8 |
-6.6 |
-15.3 |
-6.5 |
2021 adjusted revenue at 2020 exchange rates |
(f) = (d) + (e) |
464.9 |
632.8 |
699.9 |
940.4 |
2,738.0 |
Change in scope |
(g) |
8.0 |
1.0 |
-3.8 |
-3.8 |
1.4 |
2021 adjusted organic revenue |
(h) = (f) + (g) |
472.9 |
633.9 |
696.1 |
936.6 |
2,739.4 |
|
|
|
|
|
|
|
Organic growth |
(i) = (h) / (a) -
1 |
-34.6% |
+80.2% |
+28.6% |
+34.7% |
+18.5% |
€m |
Impact of currency as of December
31st, 2021 |
|
|
USD |
5.7 |
RMB |
-10.2 |
GBP |
-8.6 |
AUD |
-8.2 |
Other |
14.8 |
|
|
Total |
-6.5 |
Average exchange rate |
FY 2021 |
FY 2020 |
|
|
|
USD |
0.8455 |
0.8755 |
RMB |
0.1311 |
0.1270 |
GBP |
1.1633 |
1.1240 |
AUD |
0.6349 |
0.6043 |
Next
information:Q1 2022 revenue: May 5th, 2022 (after
market)
Key Figures for JCDecaux
- 2021 revenue: €2,745m (a)
- N°1 Out-of-Home Media company
worldwide
- A daily audience of more than 850
million people in more than 80 countries
- 957,706 advertising panels
worldwide
- Present in 3,518 cities with more
than 10,000 inhabitants
- 10,720 employees
- JCDecaux is listed on the Eurolist
of Euronext Paris and is part of the Euronext 100 and Euronext
Family Business indexes
- JCDecaux is recognised for its
extra-financial performance in the FTSE4Good (4.2/5),CDP (A
Leadership),MSCI (AAA) and has achieved Gold Medal status from
EcoVadis
- 1st Out-of-Home Media company to
join the RE100 (committed to 100% renewable energy)
- Leader in self-service bike rental
scheme: pioneer in eco-friendly mobility
- N°1 worldwide in street furniture
(530,143 advertising panels)
- N°1 worldwide in transport
advertising with 154 airports and 215 contracts in metros, buses,
trains and tramways (340,753 advertising panels)
- N°1 in Europe for billboards
(72,611 advertising panels)
- N°1 in outdoor advertising in
Europe (596,831 advertising panels)
- N°1 in outdoor advertising in
Asia-Pacific (232,268 advertising panels)
- N°1 in outdoor advertising in Latin
America (64,893 advertising panels)
- N°1 in outdoor advertising in
Africa (20,808 advertising panels)
- N°1 in outdoor advertising in the
Middle East (14,177 advertising panels)
(a) Adjusted revenue
For more information about JCDecaux, please
visit jcdecaux.com. Join us on Twitter, LinkedIn, Facebook,
Instagram and YouTube.
Forward looking statementsThis
news release may contain some forward-looking statements. These
statements are not undertakings as to the future performance of the
Company. Although the Company considers that such statements are
based on reasonable expectations and assumptions on the date of
publication of this release, they are by their nature subject to
risks and uncertainties which could cause actual performance to
differ from those indicated or implied in such statements.These
risks and uncertainties include without limitation the risk factors
that are described in the 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 |
2021 |
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 |
2,744.6 |
(222.1) |
0.0 |
2,522.5 |
2,311.8 |
(212.0) |
- |
2,099.8 |
Net operating costs |
(2,322.3) |
163.3 |
800.5 |
(1,358.5) |
(2,170.2) |
170.5 |
978.6 |
(1,021.1) |
Operating margin |
422.3 |
(58.9) |
800.5 |
1,163.9 |
141.6 |
(41.5) |
978.6 |
1,078.7 |
Maintenance spare parts |
(38.4) |
1.1 |
0.0 |
(37.3) |
(47.1) |
1.2 |
- |
(46.0) |
Amortisation and provisions (net) |
(361.8) |
17.9 |
(724.7) |
(1,068.6) |
(367.6) |
21.3 |
(868.4) |
(1,214.7) |
Other operating income / expenses |
(5.7) |
0.3 |
23.6 |
18.2 |
(79.8) |
(0.6) |
8.7 |
(71.8) |
EBIT before impairment charge |
16.3 |
(39.5) |
99.5 |
76.2 |
(352.9) |
(19.7) |
118.9 |
(253.7) |
Net impairment charge (2) |
(7.6) |
0.0 |
0.0 |
(7.6) |
(222.3) |
0.2 |
- |
(222.1) |
EBIT after impairment charge |
8.7 |
(39.5) |
99.5 |
68.6 |
(575.2) |
(19.5) |
118.9 |
(475.8) |
(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 |
2021 |
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 |
237.6 |
(16.7) |
615.3 |
836.1 |
(56.2) |
35.8 |
671.2 |
650.7 |
Change in working capital requirement |
131.4 |
1.7 |
32.6 |
165.7 |
403.0 |
(27.8) |
(137.9) |
237.4 |
Net cash flow from operating activities |
369.0 |
(15.0) |
647.8 |
1,001.8 |
346.8 |
8.0 |
533.2 |
888.1 |
Capital expenditure |
(157.5) |
7.2 |
0.0 |
(150.3) |
(185.0) |
8.0 |
- |
(176.9) |
Free cash flow |
211.5 |
(7.8) |
647.8 |
851.5 |
161.9 |
16.0 |
533.2 |
711.2 |
(1) IFRS 16 impact on the core and non-core business contracts of
controlled entities |
|
|
Full-year consolidated
financial statements –
2021
consolidated financial
statementsSTATEMENT OF FINANCIAL
POSITION
Assets
In million euros |
31/12/2021 |
31/12/2020 |
Goodwill |
1,609.3 |
1,592.8 |
Other intangible assets |
514.4 |
534.1 |
Property, plant and equipment |
1,203.9 |
1,261.3 |
Right-of-use |
2,964.8 |
3,416.5 |
Investments under the equity method |
414.4 |
392.5 |
Other financial assets |
164.9 |
161.4 |
Deferred tax assets |
142.0 |
119.0 |
Current tax assets |
3.1 |
0.9 |
Other receivables |
11.4 |
9.8 |
NON-CURRENT ASSETS |
7,028.1 |
7,488.3 |
Other financial assets |
17.6 |
3.4 |
Inventories |
143.1 |
172.6 |
Financial derivatives |
0.6 |
1.7 |
Trade and other receivables |
743.0 |
697.4 |
Current tax assets |
24.2 |
37.3 |
Treasury financial assets |
46.0 |
57.6 |
Cash and cash equivalents |
1,493.8 |
1,607.8 |
CURRENT ASSETS |
2,468.3 |
2,577.9 |
TOTAL ASSETS |
9,496.4 |
10,066.2 |
Equity and Liabilities
In million euros |
31/12/2021 |
31/12/2020 |
Share capital |
3.2 |
3.2 |
Additional paid-in capital |
608.5 |
608.5 |
Treasury shares |
(2.8) |
(1.5) |
Consolidated reserves |
1,169.8 |
1,777.1 |
Consolidated net income (Group share) |
(14.5) |
(604.6) |
Other components of equity |
(144.1) |
(187.5) |
EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT
COMPANY |
1,620.2 |
1,595.4 |
Non-controlling interests |
23.4 |
17.7 |
TOTAL EQUITY |
1,643.6 |
1,613.0 |
Provisions |
373.6 |
368.7 |
Deferred tax liabilities |
87.1 |
98.8 |
Financial debt |
2,116.7 |
2,147.4 |
Debt on commitments to purchase non-controlling interests |
106.5 |
105.1 |
Lease liabilities |
2,647.0 |
3,088.0 |
Other payables |
9.2 |
10.5 |
Income tax payable |
0.9 |
0.0 |
Financial derivatives |
0.0 |
0.0 |
NON-CURRENT LIABILITIES |
5,341.0 |
5,818.5 |
Provisions |
88.5 |
63.1 |
Financial debt |
336.9 |
587.6 |
Debt on commitments to purchase non-controlling interests |
5.3 |
6.3 |
Financial derivatives |
4.9 |
4.4 |
Lease liabilities |
1,008.8 |
1,057.8 |
Trade and other payables |
1,039.3 |
882.1 |
Income tax payable |
21.8 |
19.2 |
Bank overdrafts |
6.4 |
14.2 |
CURRENT LIABILITIES |
2,511.8 |
2,634.7 |
TOTAL LIABILITIES |
7,852.8 |
8,453.2 |
TOTAL EQUITY AND LIABILITIES |
9,496.4 |
10,066.2 |
STATEMENT OF COMPREHENSIVE INCOMEINCOME
STATEMENT
In million euros |
2021 |
2020 |
REVENUE |
2,522.5 |
2,099.8 |
Direct operating expenses |
(893.4) |
(602.7) |
Selling, general and administrative expenses |
(465.1) |
(418.3) |
OPERATING MARGIN |
1,163.9 |
1,078.7 |
Depreciation, amortisation and provisions (net) |
(1,076.3) |
(1,260.8) |
Impairment of goodwill |
0.0 |
(176.0) |
Maintenance spare parts |
(37.3) |
(46.0) |
Other operating income |
45.3 |
26.2 |
Other operating expenses |
(27.1) |
(98.0) |
EBIT |
68.6 |
(475.8) |
Interests on IFRS 16 lease liabilities |
(82.2) |
(118.1) |
Financial income |
4.2 |
3.0 |
Financial expenses |
(49.1) |
(45.7) |
Net financial income excluding IFRS 16 |
(44.9) |
(42.6) |
NET FINANCIAL INCOME (LOSS) |
(127.1) |
(160.7) |
Income tax |
13.6 |
21.2 |
Share of net profit of companies under the equity method |
48.6 |
(1.3) |
CONSOLIDATED NET INCOME |
3.6 |
(616.7) |
- Including non-controlling interests |
18.1 |
(12.1) |
CONSOLIDATED NET INCOME (GROUP SHARE) |
(14.5) |
(604.6) |
Earnings per share (in euros) |
(0.068) |
(2.842) |
Diluted earnings per share (in euros) |
(0.068) |
(2.842) |
Weighted average number of shares |
212,833,760 |
212,742,395 |
Weighted average number of shares (diluted) |
212,833,760 |
212,742,395 |
STATEMENT OF OTHER COMPREHENSIVE INCOME
In million euros |
2021 |
2020 |
CONSOLIDATED NET INCOME |
3.6 |
(616.7) |
Translation reserve adjustments (1) |
36.7 |
(78.0) |
Cash flow hedges |
0.5 |
(0.0) |
Tax on the other comprehensive income subsequently released to net
income |
(3.4) |
0.4 |
Share of other comprehensive income of companies under the equity
method (after tax) (2) |
14.0 |
44.8 |
Other comprehensive income subsequently released to net
income |
47.8 |
(32.8) |
Change in actuarial gains and losses on post-employment benefit
plans and assets ceiling |
12.8 |
(10.5) |
Tax on the other comprehensive income not subsequently released to
net income |
(3.9) |
2.4 |
Share of other comprehensive income of companies under the equity
method (after tax) |
(12.6) |
2.3 |
Other comprehensive income not subsequently released to net
income |
(3.7) |
(5.8) |
Total other comprehensive income |
44.1 |
(38.6) |
TOTAL COMPREHENSIVE INCOME |
47.7 |
(655.3) |
- Including non-controlling interests |
18.7 |
(19.5) |
TOTAL COMPREHENSIVE INCOME - GROUP SHARE |
29.0 |
(635.8) |
(1) In 2021, translation reserve adjustments
mainly related to changes in foreign exchange rates, of which €21.4
million in Hong Kong, €11.8 million in the United Kingdom, €9.0
million in Australia and €(7.8) million in the United States. The
item also included a €(4.3) million reclassification to net income
related to changes in scope and a €1.6 million reclassification to
net income following the disqualification of net foreign
investments (including €0.5 million in France and €1.1 million in
Argentina). In 2020, translation reserve adjustments mainly related
to changes in foreign exchange rates, of which €(30.1) million in
Mexico, €(15.6) million in Brazil, €(12.9) million in South Africa
and €(10.8) million in the United Kingdom. The item also included a
€4.1 million reclassification to net income related to changes in
scope.(2) In 2020, this includes €45.5 million in
reclassification to net income of translation reserves from
companies accounted for under the equity method following changes
in consolidation scope. |
STATEMENT OF CASH FLOWS
In million euros |
2021 |
2020 |
NET INCOME BEFORE TAX |
(10.0) |
(637.9) |
Share of net profit of companies under the equity method |
(48.6) |
1.3 |
Dividends received from companies under the equity method |
28.6 |
64.8 |
Expenses related to share-based payments |
1.0 |
0.0 |
Gains and losses on lease contracts |
(200.5) |
(281.6) |
Depreciation, amortisation and provisions (net) |
1,070.2 |
1,441.7 |
Capital gains and losses and net income (loss) on changes in
scope |
(12.0) |
36.8 |
Net discounting expenses |
3.6 |
4.4 |
Net interest expense & interest expenses on IFRS16 lease
liabilities |
119.9 |
149.3 |
Financial derivatives, translation adjustments, amortised cost and
other |
0.1 |
11.7 |
Change in working capital |
165.7 |
237.4 |
Change in inventories |
33.0 |
3.3 |
Change in trade and other receivables |
(12.9) |
290.0 |
Change in trade and other payables |
145.6 |
(55.9) |
Interest paid on IFRS16 lease liabilities |
(63.7) |
(82.1) |
Interest paid |
(41.9) |
(20.3) |
Interest received |
2.9 |
3.0 |
Income tax paid |
(13.4) |
(40.3) |
NET CASH FLOWS FROM OPERATING ACTIVITIES |
1,001.8 |
888.1 |
Cash payments on acquisitions of intangible assets and property,
plant and equipment |
(169.0) |
(218.8) |
Cash payments on acquisitions of financial assets (long-term
investments) net of cash acquired |
(16.3) |
(30.9) |
Cash payments on acquisitions of other financial assets |
(21.6) |
(105.0) |
Total investments |
(207.0) |
(354.7) |
Cash receipts on proceeds on disposals of intangible assets and
property, plant and equipment |
18.7 |
41.8 |
Cash receipts on proceeds on disposals of financial assets
(long-term investments) net of cash sold |
0.3 |
31.7 |
Cash receipts on proceeds on disposals of other financial
assets |
17.9 |
7.4 |
Total asset disposals |
37.0 |
81.0 |
NET CASH FLOWS FROM INVESTING ACTIVITIES |
(170.1) |
(273.7) |
Dividends paid |
(9.9) |
(7.8) |
Purchase of treasury shares |
(22.2) |
(24.7) |
Cash payments on acquisitions of non-controlling interests |
(2.6) |
(0.9) |
Capital decrease |
0.0 |
(0.3) |
Repayment of long-term borrowings |
(1,501.7) |
(667.9) |
Repayment of lease liabilities |
(647.8) |
(533.2) |
Acquisitions and disposals of treasury financial assets |
12.5 |
24.8 |
Cash outflow from financing activities |
(2,171.8) |
(1,210.0) |
Cash receipts on proceeds on disposal of interests without loss of
control |
0.0 |
0.0 |
Capital increase |
0.2 |
1.2 |
Sale of treasury shares |
21.2 |
23.7 |
Increase in long-term borrowings |
1,216.1 |
2,033.7 |
Cash inflow from financing activities |
1,237.4 |
2,058.7 |
NET CASH FLOWS FROM FINANCING ACTIVITIES |
(934.4) |
848.7 |
CHANGE IN NET CASH POSITION |
(102.7) |
1,463.1 |
Net cash position beginning of period |
1,593.6 |
142.4 |
Effect of exchange rate fluctuations and other movements |
(3.6) |
(11.9) |
Net cash position end of period
(1) |
1,487.4 |
1,593.6 |
(1) Including €1,493.8 million in cash and cash
equivalents and €(6.4) million in bank overdrafts as of 31 December
2021, compared to €1,607.8 million and €(14.2) million respectively
as of 31 December 2020. |
- 10-03-22 # FY 2021_UK - VDEF
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