JCDecaux: Q1 2022 trading update
Q1
2022 trading
update
-
Q1 2022
adjusted revenue up
+50.3%
to
€683 million
-
Q1 2022
adjusted organic revenue up
+45.7%
-
Q2 2022
adjusted organic revenue growth expected
to be above
+15%
Paris, May
5th,
2022 – JCDecaux SA
(Euronext Paris: DEC), the number one Out-of-Home Media company
worldwide, announced today its revenue for the first quarter
2022.
Commenting on the 2022 first quarter revenue,
Jean-François Decaux,
Chairman of the Executive Board and Co-CEO of JCDecaux,
said:
“Our Q1 2022 Group revenue grew by +50.3%,
+45.7% on an organic basis, to reach €683 million, a strong start
of the year above our expectations, driven by a very strong digital
revenue growth and a solid trading momentum despite local
mobility restrictions in China, including partial to full lockdowns
in several provinces and the outbreak of the war in Ukraine. This
demonstrates once again the rebound capacity and the growth
potential of JCDecaux.
Digital Out-Of-Home (DOOH) grew very strongly,
doubling year-on-year, at +103.1% in reported growth and +95.2%
organically in Q1 2022, to reach 29.1% of Group revenue vs 21.5% in
Q1 2021. 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 continued to gain good momentum
via the VIOOH platform now trading in 15 countries including its
launch in US airports in February. VIOOH is the most connected
programmatic trading platform of the OOH industry with 36 DSPs
(Demand Side Platforms) connected.
By activity, Street Furniture was strong at
+52.6% organically in Q1 2022 and was above Q1 2019 levels in
Europe (including France and UK) and in North America; Billboard
grew significantly as well at +25.6% on an organic basis in Q1
2022, above 2019 in Asia-Pacific and North-America; Transport grew
strongly at +46.1% but remained meaningfully impacted by ongoing
restrictions on global international air passenger traffic and by
lower commuter traffic in public transport than pre-pandemic.
All geographies grew strongly in Q1 2022. Europe
(including France and UK), North America and Rest of the World were
the main growth drivers, while Asia-Pacific grew at a lower pace
due to its Transport exposure and to local mobility restrictions in
China.
As far as Q2 2022 is concerned, we continue to
have a solid trading momentum but given increased mobility
restrictions in China since the beginning of the quarter including
extended lockdowns in several provinces, we expect an organic
revenue growth of above +15%.
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 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” 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 for the first quarter 2022
increased by +50.3% to €683 million compared to
€454.3 million in the first quarter of 2021.
Excluding the positive impact from foreign
exchange variations (no impact from changes in perimeter), adjusted
revenue increased by +45.7%.
Adjusted advertising revenue, excluding revenue
related to sale, rental and maintenance of street furniture and
advertising displays, increased by +51.4% on an organic basis in
the first quarter of 2022.
Q1 adjusted revenue |
2022 (€m) |
2021 (€m) |
Reported growth |
Organic growth(a) |
Street Furniture |
347.5 |
223.8 |
+55.3% |
+52.6% |
Transport |
234.9 |
151.6 |
+54.9% |
+46.1% |
Billboard |
100.6 |
78.9 |
+27.5% |
+25.6% |
Total |
683.0 |
454.3 |
+50.3% |
+45.7% |
a. Excluding acquisitions/divestitures and the impact of foreign
exchange
Please note that the geographic comments below
refer to organic revenue growth.
STREET FURNITURE
First quarter adjusted revenue increased by
+55.3% to €347.5 million (+52.6% on an organic basis). All
geographies performed strongly compared to Q1 2021, Europe
(including France and UK), the Rest of the World and North America
were the drivers of growth while Asia-Pacific was also up
double-digit but at a lower pace as it remained affected by
mobility restrictions. Europe (including France and UK) and North
America were above the Q1 2019 revenue levels.
First quarter adjusted advertising revenue,
excluding revenue related to sale, rental and maintenance of street
furniture was up +60.8% on an organic basis compared to the first
quarter of 2021.
TRANSPORT
First quarter adjusted revenue increased by
+54.9% to €234.9 million (+46.1% on an organic basis),
reflecting a rebound in both air passenger traffic and public
transport commuting. While China was up single-digit impacted by
local mobility restrictions including partial to full lockdowns in
several provinces, all other regions grew very significantly
year-on-year.
BILLBOARD
First quarter adjusted revenue increased by
+27.5% to €100.6 million (+25.6% on an organic basis). All
geographies grew strongly with North America and Asia-Pacific above
Q1 2019 revenues.
ADJUSTED DATA
Under IFRS 11, applicable from January 1st,
2014, companies under joint control are accounted for using the
equity method.However, in order to reflect the business reality of
the Group, operating data of the companies under joint control will
continue to be proportionately integrated in the operating
management reports used by directors to monitor the activity,
allocate resources and measure performance.Consequently, pursuant
to IFRS 8, Segment Reporting presented in the financial statements
complies with the Group’s internal information, and the Group’s
external financial communication therefore relies on this operating
financial information. Financial information and comments are
therefore based on “adjusted” data, consistent with historical data
prior to 2014, which is reconciled with IFRS financial
statements.
In Q1 2022, the impact of IFRS 11 on
adjusted revenue was -€54.4 million (-€37.6 million in
Q1 2021), leaving IFRS revenue at €628.5 million
(€416.7 million in Q1 2021).
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 |
2021 adjusted
revenue |
(a) |
454.3 |
2022 IFRS
revenue |
(b) |
628.5 |
IFRS 11 impacts |
(c) |
54.4 |
2022 adjusted
revenue |
(d) = (b) + (c) |
683.0 |
Currency impacts |
(e) |
-20.9 |
2022 adjusted revenue at
2021 exchange rates |
(f) = (d) + (e) |
662.1 |
Change in scope |
(g) |
0.0 |
2022 adjusted organic
revenue |
(h) = (f) + (g) |
662.1 |
Organic growth |
(i) = (h) / (a)
– 1 |
+45.7% |
€m |
Impact of currency as of March
31st,
2022 |
RMB |
-6.7 |
USD |
-3.7 |
GBP |
-2.8 |
HKD |
-1.5 |
Other |
-6.2 |
Total |
-20.9 |
Average exchange rate |
Q1 2022 |
Q1 2021 |
RMB |
0.1404 |
0.1281 |
USD |
0.8915 |
0.8300 |
GBP |
1.1956 |
1.1443 |
HKD |
0.1142 |
0.1070 |
Next
information:Annual General Meeting of Shareholders: May
11th, 20222022 half year results : July 28th, 2022 (before
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 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: 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
- 05-05-22 # JCDecaux Q1 2022_ENG
JCDecaux (EU:DEC)
Historical Stock Chart
From Jun 2024 to Jul 2024
JCDecaux (EU:DEC)
Historical Stock Chart
From Jul 2023 to Jul 2024