JCDecaux : Full-Year 2022 results
Full-Year 2022 results
- Adjusted
revenue up +20.8% to €3,316.5
million
- Adjusted
organic revenue up +16.6%
- Adjusted
operating margin of €602.9 million, up
+42.8%, +€180.7 million
yoy
- Adjusted
EBIT, before impairment, of
€212.0 million,
up +1,199.5%,
+€195.7
million yoy
- Net
income Group share of €132.1 million, +€146.7 million
yoy
- Adjusted
free cash flow of €43.2 million
- Best in
class ESG ratings
- Proposal
to AGM not to pay any dividend in
2023
- First
quarter 2023 adjusted organic revenue growth expected
to be around
+2.5%
Paris, March
9th, 2023 – JCDecaux
SE (Euronext Paris: DEC), the number one outdoor
advertising company worldwide, announced today its results for the
year ended December 31st, 2022. A report with an unqualified
opinion is being issued by the Statutory Auditors.
Commenting on the 2022 results,
Jean-Charles Decaux,
Chairman of the Executive Board and Co-CEO of JCDecaux,
said:
“Our 2022 Group revenue grew by +20.8%, +16.6%
on an organic basis, to reach €3,316.5 million driven by a strong
digital revenue growth and a continued strong trading momentum. Our
organic revenue growth outside China was +24.1% for the full-year
2022.
Our Digital Out Of Home (DOOH) revenue grew by
+41.1% in full-year 2022, +35.2% on an organic basis, to reach a
record 31.4% of Group revenue in 2022, while analogue advertising
revenue grew double digit organically in 2022. We maintained our
focus on the selective roll-out of digital screens in prime
locations, as well as on the development of our data capabilities.
Programmatic advertising revenues through the VIOOH SSP
(supply-side platform), which constitute mostly incremental revenue
from innovative dynamic data-driven campaigns and new advertisers,
doubled in 2022 to reach €61.3 million i.e. 5.9% of our digital
revenue in full-year 2022 as the DOOH programmatic ecosystem,
including Displayce following our strategic alliance announced in
July 2022, continued to gain traction.
Our client portfolio remained highly diversified
as our top 10 clients represent c.14% of our revenue in 2022. Our
number one client category Fashion/Personal care and Luxury Goods
made up 17% of total revenue and continued to grow strongly at +41%
in 2022. Client categories recovering after Covid came back
strongly such as Travel at +54% and Entertainment/Leisure at
+31%.
With revenue growing by €571.9m in 2022, our
adjusted operating margin has reached €602.9m improving by €180.7m,
+42.8% year-on-year, 18.2% of total revenue in 2022, +280bp vs
2021, reflecting our strong operating leverage despite a
historically low level of activity in China due to mobility
restrictions. Our net result Group share is back to positive
territory at €132.1m an increase by €146.7m year-on-year consistent
with the improvement of our operational performance. Our operating
cash flows improved by €161.8m to €399.4m and our free-cash-flow
reached €43.2m in 2022 as capex increased notably due to a higher
contract gains and renewals activity including more than half of
the payment for the advertising rights of the 15-year contract with
Shanghai Metro. Our net debt increased slightly by €50.5m, mainly
driven by bolt-on M&A investments, reaching €975.0m at the end
of the period with a financial leverage at 1.6x (vs 2.2x at the end
of 2021).
Recognized as best in class by extra-financial
rating institutions (EcoVadis: Platinum, CDP: A-), we continued to
strengthen our ESG leading initiatives and commitments in 2022 as
we have notably unveiled in May 2022 our ambitious 2030 ESG
Strategy and we continued to reduce our carbon footprint, which is
now at -27% in 2022 vs 2019 (scopes 1, 2 and 3). Our highly
positive business model financing public services and public
transportation contributes to mitigate climate change. Almost 50%
of our 2022 revenues are thus eligible and aligned with the
European taxonomy. Today we announce our new Climate Strategy,
“committed SBTi”, which includes strong proactive commitments to
further optimize our carbon footprint such as reducing by 2030,
scopes 1 and 2 emissions, by 60%, scope 3 emissions by 46% and
reaching Net Zero by 2050 (scopes 1, 2 and 3).
As far as Q1 2023 is concerned, we now expect an
organic revenue growth rate at around +2.5% including a
double-digit revenue decline in China where we start seeing an
inflection point from March as mobility is returning to normal.
As the most digitised global OOH media 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, the high quality of
our teams across the world and our recognised ESG excellence, 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 drive economic growth as
well as 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 4 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 26th, 2023, adjusted
revenue increased by +20.8%, +16.6% on an organic basis, to
€3,316.5 million compared to €2,744.6 million in 2021.
By activity, Transport and Street Furniture
rebounded the most followed by Billboard.
Full-Year adjusted revenue |
2022 (€m) |
2021 (€m) |
Reported growth |
Organic growth(a) |
Street Furniture |
1,747.0 |
1,440.1 |
+21.3% |
+18.5% |
Transport |
1,075.2 |
877.8 |
+22.5% |
+15.0% |
Billboard |
494.3 |
426.7 |
+15.9% |
+13.5% |
Total |
3,316.5 |
2,744.6 |
+20.8% |
+16.6% |
(a) Excluding acquisitions/divestitures and the impact of
foreign exchange
All geographies performed strongly with a
double-digit revenue growth in 2022 except Asia-Pacific as China
was impacted by historically low mobility levels.
Full-Year adjusted revenue |
2022 (€m) |
2021 (€m) |
Reported growth |
Organic growth(a) |
Europe (b) |
988.3 |
824.5 |
+19.9% |
+20.2% |
Asia-Pacific |
721.5 |
695.9 |
+3.7% |
-2.4% |
France |
598.0 |
532.6 |
+12.3% |
+12.1% |
Rest of the World |
416.8 |
274.9 |
+51.6% |
+36.4% |
United Kingdom |
322.5 |
253.3 |
+27.4% |
+26.3% |
North America |
269.3 |
163.4 |
+64.8% |
+45.5% |
Total |
3,316.5 |
2,744.6 |
+20.8% |
+16.6% |
(a) Excluding acquisitions/divestitures and the impact of
foreign exchange
(b) Excluding France and the United Kingdom
ADJUSTED OPERATING MARGIN
(1)
For 2022, our adjusted operating margin has
significantly improved by €180.7 million to reach €602.9 million
(vs €422.3 million in 2021), a +42.8% increase year-on-year
reflecting a strong operating leverage due to a tight control over
our cost base growing at a slower pace than our revenue growth
despite the negative impact from the decrease of revenue in China
year-on-year. The adjusted operating margin as a percentage of
revenue was 18.2% in 2022, +280bp above prior year.
The adjusted operating margin as a percentage of
revenue by business segment:
|
2022 |
2021 |
Change
22/21 |
|
€m |
% of
revenue |
€m |
% of
revenue |
Change (€m) |
Margin rate (bp) |
Street Furniture |
417.7 |
23.9% |
323.4 |
22.5% |
+94.3 |
+140bp |
Transport |
118.3 |
11.0% |
58.2 |
6.6% |
+60.1 |
+440bp |
Billboard |
67.0 |
13.5% |
40.7 |
9.5% |
+26.3 |
+400bp |
Total |
602.9 |
18.2% |
422.3 |
15.4% |
+180.7 |
+280bp |
ADJUSTED EBIT
(2)
In 2022, adjusted EBIT before impairment charge
improved by €195.7 million to €212.0 million. As a percentage
of revenue, this represented a 580bp increase to 6.4%, from +0.6%.
Excluding the positive impact from the accounting revaluation of
our stake in Interstate JCDecaux, adjusted EBIT before impairment
charge for 2022 reached 5.1% as a percentage of revenue.
The net impairment charge on tangible and
intangible assets, rights-of-use assets and joint-ventures of
€19.1 million in 2022 is mainly related to assets in China
reflecting the historically low level of activity due to mobility
restrictions in this geography.
Adjusted EBIT, after impairment charge, has
improved by €184.3 million from €8.7 million in 2021 to €193.0
million in 2022.
NET FINANCIAL INCOME / (LOSS)
(3)
In 2022, interest expenses on IFRS 16
leases were quite stable at -€84.1 million compared to -€82.2
million in 2021, the mechanical reduction of the IFRS 16 lease
liability related to the contract life progression being
compensated by the additions coming from new contracts, contracts
extended and contracts renewed.
In 2022, excluding IFRS 16, other net
financial income / (loss) was -€55.0 million
compared to -€42.8 million in 2021, a variation of -€12.2 million
mainly due the impact of currency hedges and the increase in
financial interests from the €500 million bond issued in February
2022.
EQUITY AFFILIATES
In 2022, the share of net profit from equity
affiliates was €8.6 million, a decrease of €40.0 million mainly due
to an impairment charge on our investment in Clear Media reflecting
the historically low level of activity due to mobility restrictions
in this geography.
NET INCOME GROUP SHARE
In 2022, net income Group share turned positive
as it increased by €146.7 million to €132.1 million compared to
-€14.5 million in 2021, which mainly came from the improvement
in our operational performance, the net positive impact from the
accounting revaluation of our stake in Interstate JCDecaux being
partly offset by the net negative impact of the impairment charges
over the period.
ADJUSTED CAPITAL
EXPENDITURE
In 2022, adjusted net capex (acquisition of
property, plant and equipment and intangible assets, net of
disposals of assets) at €349.9 million increased by €192.4 million,
+68.2% year-on-year, mainly driven by the pick-up in tenders in
2022 following Covid delays including €84.9 million of payment for
advertising rights related to the renewal and extension of our
long-term partnership with Shanghai Metro. Excluding this specific
payment, the capex to sales ratio amounted to 8% consistent with
the average ratio over the last 10 years.
ADJUSTED FREE CASH FLOW
(4)
In 2022, operating cash flows reached +€399.4
million improving by +€161.8 million compared to 2021 mainly driven
by the improving operating margin. Changes in our working capital
had almost no impact on the cash-flow generation during the period
(-€6.4 million) despite the strong increase in revenue thanks to an
ongoing tight management over cash collection and payments. After
capital expenditure, adjusted free cash flow amounted to
€43.2 million.
DIVIDEND
No dividend was paid in 2022 in order to
strengthen Group’s liquidity, balance sheet and financial
flexibility.To continue to reinforce our capacity to seize future
organic and external bolt-on investment opportunities, we will
propose at the Annual General Meeting which will take place
on May 16th, 2023, not to pay any dividend in
2023.
NET DEBT
(5)
Net debt amounted to €975.0 million as of
December 31st, 2022, a slight increase vs December 31st, 2021 where
it stood at €924.5 million mainly driven by bolt on M&A
activity.
In January 2023, we decided to take
advantage of the good market conditions to extend our debt maturity
schedule and secured our financing profile with the issuance
of a €600 million bond with a maturity in 2029 and a coupon at
5.00%. Subscribed more than 2 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
Right-of-use IFRS 16 as of December
31st, 2022 amounted to €2,725.3 million compared to
€2,964.8 million as of December 31st, 2021, a
decrease related to the amortisation of rights-of-use and contracts
renegotiations partially offset by foreign exchange rate impacts,
perimeter impacts, new contracts, contracts extended and contracts
renewed.
IFRS 16 lease liabilities decreased from
€3,655.8 million as of December 31st, 2021 to €3,412,1 million
as of December 31st, 2022. The decrease, mainly related to
repayments occurred in 2022 as well as renegotiations and end of
contracts is partially offset by new contracts, extensions and
renewals, a positive foreign exchange rates impact and a positive
perimeter impact.
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 2022, the impacts of IFRS 11 and
IFRS 16 on our adjusted aggregates are:
- -€242.5 million for
IFRS 11 on adjusted revenue (-€222.1 million for
IFRS 11 in 2021) leaving IFRS revenue at
€3,074.0 million (€2,522.5 million in 2021).
- -€60.6 million for
IFRS 11 and €780.2 million for IFRS 16 on adjusted
operating margin (-€58.9 million for IFRS 11 and
€800.5 million for IFRS 16 in 2021) leaving IFRS
operating margin at €1,322.5 million (€1,163.9 million in
2021).
- -€45.0 million for IFRS 11 and
€114.1 million for IFRS 16 on adjusted EBIT before impairment
charge (-€39.5 million for IFRS 11 and €99.5 million
for IFRS 16 in 2021) leaving IFRS EBIT before impairment
charge at €281.1 million (€76.2 million in 2021).
- -€43.6 million for
IFRS 11 and €114.1 million for IFRS 16 on adjusted
EBIT after impairment charge (-€39.5 million for IFRS 11 and
€99.5 million for IFRS 16 in 2021) leaving IFRS EBIT after
impairment charge at €263.4 million (€68.6 million
in 2021).
- €8.1 million for IFRS 11
on adjusted capital expenditure (€7.2 million for IFRS 11
in 2021) leaving IFRS capital expenditure at -€341.8 million
(-€150.3 million in 2021).
- €12.1 million for IFRS 11
and €702.5 million for IFRS 16 on adjusted free cash flow
(-€7.8 million for IFRS 11 and €647.8 million for
IFRS 16 in 2021) leaving IFRS free cash flow at
€757.8 million (€851.5 million in 2021).
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 (€3.6 million and -€2.1 million in
FY 2022 and FY 2021 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 minority interests), including the non-cash IFRS 9
impact on both debt and hedging financial derivatives and 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 |
|
|
|
|
|
|
|
2021 adjusted revenue |
(a) |
454.3 |
628.1 |
706.5 |
955.8 |
2,744.6 |
|
|
|
|
|
|
|
2022 IFRS revenue |
(b) |
628.5 |
739.3 |
747.5 |
958.7 |
3,074.0 |
IFRS 11 impacts |
(c) |
54.4 |
52.5 |
60.9 |
74.7 |
242.5 |
2022 adjusted revenue |
(d) = (b) + (c) |
683.0 |
791.8 |
808.4 |
1,033.3 |
3,316.5 |
Currency impacts |
(e) |
-20.9 |
-28.3 |
-37.8 |
-26.0 |
-113.0 |
2022 adjusted revenue at 2021 exchange rates |
(f) = (d) + (e) |
662.1 |
763.5 |
770.6 |
1,007.3 |
3,203.5 |
Change in scope |
(g) |
0.0 |
0.0 |
-0.4 |
-3.0 |
-3.4 |
2022 adjusted organic revenue |
(h) = (f) + (g) |
662.1 |
763.5 |
770.2 |
1,004.3 |
3,200.1 |
|
|
|
|
|
|
|
Organic growth |
(i) = (h) / (a) -
1 |
+45.7% |
+21.6% |
+9.0% |
+5.1% |
+16.6% |
€m |
Impact of currency as of December
31st, 2022 |
|
|
USD |
-28.7 |
RMB |
-18.1 |
HKD |
-13.0 |
BRL |
-12.3 |
Other |
-40.9 |
|
|
Total |
-113.0 |
Average exchange rate |
FY 2022 |
FY 2021 |
|
|
|
USD |
0.9496 |
0.8455 |
RMB |
0.1413 |
0.1311 |
HKD |
0.1213 |
0.1088 |
BRL |
0.1838 |
0.1568 |
Next information:Q1 2023 revenue: May 11th, 2023
(after market) |
Key Figures for JCDecaux
- 2022 revenue: €3,317m(a)
- N°1 Out-of-Home Media company
worldwide
- A daily audience of more than 850
million people in more than 80 countries
- 1,042,132 advertising panels
worldwide
- Present in 3,573 cities with more
than 10,000 inhabitants
- 11,200 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 (3.6/5), CDP (A-
Leadership), MSCI (AA) and has achieved Platinum 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
(603,119 advertising panels)
- N°1 worldwide in transport
advertising with 153 airports and 205 contracts in metros, buses,
trains and tramways (330,470 advertising panels)
- N°1 in Europe for billboards
(81,162 advertising panels)
- N°1 in outdoor advertising in
Europe (654,957 advertising panels)
- N°1 in outdoor advertising in
Asia-Pacific (170,973 advertising panels)
- N°1 in outdoor advertising in Latin
America (129,305 advertising panels)
- N°1 in outdoor advertising in
Africa (24,198 advertising panels)
- N°1 in outdoor advertising in the
Middle East (19,371 advertising panels)
(a) Adjusted
revenue
For more information about JCDecaux, please
visit jcdecaux.com. Join us on Twitter, Linkedin, Facebook,
Instagram and Youtube.
Communications
Department: Albert Asséraf+33 (0)
1 30 79 79 10 – 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 |
2022 |
2021 |
€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 |
3,316.5 |
(242.5) |
0.0 |
3,074.0 |
2,744.6 |
(222.1) |
0.0 |
2,522.5 |
Net operating costs |
(2,713.6) |
181.9 |
780.2 |
(1,751.5) |
(2,322.3) |
163.3 |
800.5 |
(1,358.5) |
Operating margin |
602.9 |
(60.6) |
780.2 |
1,322.5 |
422.3 |
(58.9) |
800.5 |
1,163.9 |
Maintenance spare parts |
(47.0) |
1.1 |
0.0 |
(46.0) |
(38.4) |
1.1 |
0.0 |
(37.3) |
Amortisation and provisions (net) |
(377.9) |
14.4 |
(691.6) |
(1,055.1) |
(361.8) |
17.9 |
(724.7) |
(1,068.6) |
Other operating income / expenses |
34.0 |
0.2 |
25.5 |
59.6 |
(5.7) |
0.3 |
23.6 |
18.2 |
EBIT before impairment charge |
212.0 |
(45.0) |
114.1 |
281.1 |
16.3 |
(39.5) |
99.5 |
76.2 |
Net impairment charge (2) |
(19.1) |
1.4 |
0.0 |
(17.7) |
(7.6) |
0.0 |
0.0 |
(7.6) |
EBIT after impairment charge |
193.0 |
(43.6) |
114.1 |
263.4 |
8.7 |
(39.5) |
99.5 |
68.6 |
(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 |
2022 |
2021 |
€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 |
Operating Cash
Flows |
399.4 |
(10.6) |
703.7 |
1,092.6 |
237.6 |
(16.7) |
615.3 |
836.1 |
Change in working capital requirement |
(6.4) |
14.6 |
(1.2) |
7.0 |
131.4 |
1.7 |
32.6 |
165.7 |
Net cash flow from operating activities |
393.0 |
4.0 |
702.5 |
1,099.6 |
369.0 |
(15.0) |
647.8 |
1,001.8 |
Capital expenditure |
(349.9) |
8.1 |
0.0 |
(341.8) |
(157.5) |
7.2 |
0.0 |
(150.3) |
Free cash flow |
43.2 |
12.1 |
702.5 |
757.8 |
211.5 |
(7.8) |
647.8 |
851.5 |
(1) IFRS 16 impact on the core and non-core business contracts of
controlled entities. |
|
|
Full-year consolidated
financial statements –
2022
consolidated financial
statementsSTATEMENT OF FINANCIAL
POSITION
Assets
In million euros |
31/12/2022 |
31/12/2021 |
Goodwill |
1,748.7 |
1,609.3 |
Other intangible assets |
624.0 |
514.4 |
Property, plant and equipment |
1,279.0 |
1,203.9 |
Right-of-use |
2,725.3 |
2,964.8 |
Investments under the equity method |
411.9 |
414.4 |
Other financial assets |
114.5 |
164.9 |
Financial derivatives |
- |
- |
Deferred tax assets |
209.9 |
142.0 |
Current tax assets |
2.7 |
3.1 |
Other receivables |
9.4 |
11.4 |
NON-CURRENT ASSETS |
7,125.4 |
7,028.1 |
Other financial assets |
4.8 |
17.6 |
Inventories |
161.7 |
143.1 |
Financial derivatives |
2.5 |
0.6 |
Trade and other receivables |
775.9 |
743.0 |
Current tax assets |
22.4 |
24.2 |
Treasury financial assets |
46.8 |
46.0 |
Cash and cash equivalents |
1,919.5 |
1,493.8 |
CURRENT ASSETS |
2,933.5 |
2,468.3 |
TOTAL ASSETS |
10,058.9 |
9,496.4 |
Equity and Liabilities
In million euros |
31/12/2022 |
31/12/2021 |
Share capital |
3.2 |
3.2 |
Additional paid-in capital |
608.5 |
608.5 |
Treasury shares |
(2.0) |
(2.8) |
Consolidated reserves |
1,152.8 |
1,169.8 |
Consolidated net income (Group share) |
132.1 |
(14.5) |
Other components of equity |
(131.3) |
(144.1) |
EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT
COMPANY |
1,763.3 |
1,620.2 |
Non-controlling interests |
36.2 |
23.4 |
TOTAL EQUITY |
1,799.5 |
1,643.6 |
Provisions |
452.0 |
373.6 |
Deferred tax liabilities |
79.9 |
87.1 |
Financial debt |
1,916.4 |
2,116.7 |
Debt on commitments to purchase non-controlling interests |
102.9 |
106.5 |
Lease liabilities |
2,454.7 |
2,647.0 |
Other payables |
10.2 |
9.2 |
Income tax payable |
0.6 |
0.9 |
Financial derivatives |
0.0 |
0.0 |
NON-CURRENT LIABILITIES |
5,016.8 |
5,341.0 |
Provisions |
83.8 |
88.5 |
Financial debt |
993.3 |
336.9 |
Debt on commitments to purchase non-controlling interests |
4.6 |
5.3 |
Financial derivatives |
4.2 |
4.9 |
Lease liabilities |
957.3 |
1,008.8 |
Trade and other payables |
1,145.9 |
1,039.3 |
Income tax payable |
23.7 |
21.8 |
Bank overdrafts |
29.8 |
6.4 |
CURRENT LIABILITIES |
3,242.6 |
2,511.8 |
TOTAL LIABILITIES |
8,259.4 |
7,852.8 |
TOTAL EQUITY AND LIABILITIES |
10,058.9 |
9,496.4 |
STATEMENT OF COMPREHENSIVE INCOMEINCOME
STATEMENT
In million euros |
2022 |
2021 |
REVENUE |
3,074.0 |
2,522.5 |
Direct operating expenses |
(1,198.2) |
(893.4) |
Selling, general and administrative expenses |
(553.3) |
(465.1) |
OPERATING MARGIN |
1,322.5 |
1,163.9 |
Depreciation, amortisation and provisions (net) |
(1,072.8) |
(1,076.3) |
Maintenance spare parts |
(46.0) |
(37.3) |
Other operating income |
80.9 |
45.3 |
Other operating expenses |
(21.3) |
(27.1) |
EBIT |
263.4 |
68.6 |
Interests on IFRS 16 lease liabilities |
(84.1) |
(82.2) |
Financial income |
13.4 |
4.2 |
Financial expenses |
(64.8) |
(49.1) |
Net financial income excluding IFRS 16 |
(51.4) |
(44.9) |
NET FINANCIAL INCOME (LOSS) |
(135.6) |
(127.1) |
Income tax |
22.3 |
13.6 |
Share of net profit of companies under the equity method |
8.6 |
48.6 |
CONSOLIDATED NET INCOME |
158.7 |
3.6 |
- Including non-controlling interests |
26.6 |
18.1 |
CONSOLIDATED NET INCOME (GROUP SHARE) |
132.1 |
(14.5) |
Earnings per share (in euros) |
0.621 |
(0.068) |
Diluted earnings per share (in euros) |
0.621 |
(0.068) |
Weighted average number of shares |
212,733,422 |
212,833,760 |
Weighted average number of shares (diluted) |
212,733,422 |
212,833,760 |
STATEMENT OF OTHER COMPREHENSIVE INCOME
In million euros |
2022 |
2021 |
CONSOLIDATED NET INCOME |
158.7 |
3.6 |
Translation reserve adjustments (1) |
5.8 |
36.7 |
Cash flow hedges |
(1.5) |
0.5 |
Tax on the other comprehensive income subsequently released to net
income |
1.2 |
(3.4) |
Share of other comprehensive income of companies under the equity
method (after tax) (2) |
(11.0) |
14.0 |
Other comprehensive income subsequently released to net
income |
(5.6) |
47.8 |
Change in actuarial gains and losses on post-employment benefit
plans and assets ceiling |
25.5 |
12.8 |
Tax on the other comprehensive income not subsequently released to
net income |
(4.3) |
(3.9) |
Share of other comprehensive income of companies under the equity
method (after tax) |
0.3 |
(12.6) |
Other comprehensive income not subsequently released to net
income |
21.5 |
(3.7) |
Total other comprehensive income |
15.9 |
44.1 |
TOTAL COMPREHENSIVE INCOME |
174.6 |
47.7 |
- Including non-controlling interests |
29.7 |
18.7 |
TOTAL COMPREHENSIVE INCOME - GROUP SHARE |
145.0 |
29.0 |
(1) In 2022, translation reserve adjustments
mainly related to changes in foreign exchange rates, of which €19.1
million in Hong Kong, €7.9 million in Mexico, €(11.0) million in
the United States and €(6.6) million in the United Kingdom.In 2021,
translation reserve adjustments mainly related to changes in
foreign exchange rates, of which €21.4 million in Hong Kong, €8.9
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).(2) In
2022, this includes €3.1 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 |
2022 |
2021 |
NET INCOME BEFORE TAX |
136.5 |
(10.0) |
Share of net profit of companies under the equity method |
(8.6) |
(48.6) |
Dividends received from companies under the equity method |
51.4 |
28.6 |
Expenses related to share-based payments |
6.1 |
1.0 |
Gains and losses on lease contracts |
(48.9) |
(200.5) |
Depreciation, amortisation and provisions (net) |
1,074.3 |
1,070.2 |
Capital gains and losses and net income (loss) on changes in
scope |
(67.2) |
(12.0) |
Net discounting expenses |
(2.0) |
3.6 |
Net interest expense & interest expenses on IFRS16 lease
liabilities |
126.3 |
119.9 |
Financial derivatives, translation adjustments, amortised cost and
other |
(0.4) |
0.1 |
Interest paid on IFRS16 lease liabilities |
(93.8) |
(63.7) |
Interest paid |
(45.9) |
(41.9) |
Interest received |
9.7 |
2.9 |
Income tax paid |
(44.9) |
(13.4) |
Operating Cash Flows |
1,092.6 |
836.1 |
Change in working capital |
7.0 |
165.7 |
Change in inventories |
(15.6) |
33.0 |
Change in trade and other receivables |
(15.7) |
(12.9) |
Change in trade and other payables |
38.2 |
145.6 |
NET CASH FLOWS FROM OPERATING ACTIVITIES |
1,099.6 |
1,001.8 |
Cash payments on acquisitions of intangible assets and property,
plant and equipment |
(351.2) |
(169.0) |
Cash payments on acquisitions of financial assets (long-term
investments) net of cash acquired |
(89.4) |
(16.3) |
Cash payments on acquisitions of other financial assets |
(4.0) |
(21.6) |
Total investments |
(444.6) |
(207.0) |
Cash receipts on proceeds on disposals of intangible assets and
property, plant and equipment |
9.4 |
18.7 |
Cash receipts on proceeds on disposals of financial assets
(long-term investments) net of cash sold |
0.3 |
0.3 |
Cash receipts on proceeds on disposals of other financial
assets |
18.0 |
17.9 |
Total asset disposals |
27.7 |
37.0 |
NET CASH FLOWS FROM INVESTING ACTIVITIES |
(416.9) |
(170.1) |
Dividends paid |
(17.8) |
(9.9) |
Purchase of treasury shares |
(43.1) |
(22.2) |
Cash payments on acquisitions of non-controlling interests |
(6.3) |
(2.6) |
Capital decrease |
(0.1) |
0.0 |
Repayment of long-term borrowings |
(1,179.2) |
(1,501.7) |
Repayment of lease liabilities |
(702.5) |
(647.8) |
Acquisitions and disposals of treasury financial assets |
0.0 |
12.5 |
Cash outflow from financing activities |
(1,949.0) |
(2,171.8) |
Cash receipts on proceeds on disposal of interests without loss of
control |
0.0 |
0.0 |
Capital increase |
0.5 |
0.2 |
Sale of treasury shares |
43.7 |
21.2 |
Increase in long-term borrowings |
1,623.9 |
1,216.1 |
Cash inflow from financing activities |
1,668.2 |
1,237.4 |
NET CASH FLOWS FROM FINANCING ACTIVITIES |
(280.8) |
(934.4) |
CHANGE IN NET CASH POSITION |
401.8 |
(102.7) |
Net cash position beginning of period |
1,487.4 |
1,593.6 |
Effect of exchange rate fluctuations and other movements |
0.5 |
(3.6) |
Net cash position end of period
(1) |
1,889.7 |
1,487.4 |
(1) Including €1,919.5 million in cash and cash
equivalents and €(29.8) million in bank overdrafts as of 31
December 2022, compared to €1,493.8 million and €(6.4) million
respectively as of 31 December 2021. |
- 09-03-23 # JCDecaux FY 2022_ENG
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