JCDecaux : Q1 2024 trading update
Q1 2024 trading update
- Q1 2024
adjusted revenue up +11.1 % to €801.6 million
- Q1 2024
adjusted organic revenue up +11.0%
- Q2 2024
adjusted organic revenue growth expected to be around
+12.0%
Paris, May
2nd, 2024 – JCDecaux SE
(Euronext Paris: DEC), the number one outdoor advertising company
worldwide, announced today its revenue for the first quarter
2024.
Commenting on the 2024 first quarter revenue,
Jean-François Decaux, Chairman of the Executive Board and
Co-CEO of JCDecaux, said:
“Our Q1 2024 Group revenue grew by +11.1%,
+11.0% on an organic basis, above our expectations, to reach €801.6
million driven by continued strong digital revenue growth across
all business segments.
Digital Out Of Home (DOOH) revenue grew by
+28.0%, +27.9% on an organic basis, to reach 35.9% of Group revenue
including a continued strong programmatic revenue growth enhanced
by the increased adoption of this new way of trading our media by
advertisers including through the VIOOH SSP (Supply Side Platform)
and Displayce DSP (Demand Side Platform).
All activities recorded strong organic revenue
growth: Street Furniture grew by +9.2% with continued strong
momentum, Transport grew by +15.1% reflecting the solid recovery in
both airports and public transport systems in all geographies
except in China, and Billboard grew by +7.0% driven by its most
digitised markets.
All geographies grew positively in Q1 including
double-digit revenue growth in United Kingdom, Asia-Pacific and
Rest of the World. The gradual recovery of our activity in China,
which remained well below pre-covid levels, is continuing with a
high single-digit organic revenue growth rate this quarter.
As far as Q2 is concerned, we expect organic
revenue growth around +12.0% driven by continued strong digital
revenue growth across all business segments and including the
positive impact of the Paris Olympics and the UEFA Euro 2024 in
Germany.
We are confident that Out of Home (OOH) will
continue to grow its market share in a fragmented media landscape
with Digital Out of Home (DOOH) being the fastest growing media
segment. JCDecaux as the industry leader and the most digitised
global OOH Media company is well positioned to benefit from this
digital transformation.”
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 2024 increased by
+11.1% to €801.6 million compared to €721.3 million in
the first quarter of 2023.Excluding the negative impact from
foreign exchange variations and the positive impact of changes in
perimeter, adjusted revenue increased by +11.0%.Adjusted
advertising revenue, excluding revenue related to sale, rental and
maintenance of street furniture and advertising displays, increased
by +12.0% on an organic basis in the first quarter of 2024.
By activity:
Q1 adjusted revenue |
2024 (€m) |
2023 (€m) |
Reported growth |
Organic growth(a) |
Street Furniture |
400.8 |
364.3 |
+10.0% |
+9.2% |
Transport |
288.2 |
254.0 |
+13.5% |
+15.1% |
Billboard |
112.6 |
103.0 |
+9.4% |
+7.0% |
Total |
801.6 |
721.3 |
+11.1% |
+11.0% |
a. Excluding acquisitions/divestitures and the impact of foreign
exchange
Please note that the geographic comments below
refer to organic revenue growth.
STREET FURNITUREFirst quarter
adjusted revenue increased by +10.0% to €400.8 million (+9.2%
on an organic basis). UK, Asia-Pacific and Rest of the World all
grew double-digit. France recorded mid-single-digit growth, while
the rest of Europe saw high-single-digit growth.
First quarter adjusted advertising revenue,
excluding revenue related to sale, rental and maintenance of street
furniture was up +9.8% on an organic basis.
TRANSPORTFirst quarter adjusted
revenue increased by +13.5% to €288.2 million (+15.1% on an
organic basis), reflecting the solid recovery of our activity in
both airports and public transport systems in all geographies
except in China. Most geographies grew double-digit. Transport
remained meaningfully impacted by the lower level of activity in
China compared to pre-covid.
BILLBOARDFirst quarter adjusted
revenue increased by +9.4% to €112.6 million (+7.0% on an
organic basis) driven by the most digitised markets, while France
decreased due to the ongoing rationalisation of our inventory in
line with regulations. UK and Rest of the World were the drivers of
growth with a double-digit increase.
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 2024, the impact of IFRS 11 on adjusted
revenue was -€61.2 million (-€49.5 million in
Q1 2023), leaving IFRS revenue at €740.4 million
(€671.8 million in Q1 2023).
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 |
|
|
|
2023 adjusted revenue |
(a) |
721.3 |
|
|
|
2024 IFRS revenue |
(b) |
740.4 |
IFRS 11 impacts |
(c) |
61.2 |
2024 adjusted revenue |
(d) = (b) + (c) |
801.6 |
Currency impacts |
(e) |
7.1 |
2024 adjusted revenue at 2023 exchange rates |
(f) = (d) + (e) |
808.7 |
Change in scope |
(g) |
-8.4 |
2024 adjusted organic revenue |
(h) = (f) + (g) |
800.3 |
|
|
|
Organic growth |
(i) = (h) / (a) – 1 |
+11.0% |
€m |
Impact of currency as of March
31st, 2024 |
|
|
RMB |
3.1 |
AUD |
3.0 |
GBP |
-2.6 |
BRL |
-0.9 |
Other |
4.5 |
|
|
Total |
7.1 |
Average exchange rate |
Q1 2024 |
Q1 2023 |
|
|
|
RMB |
0.1281 |
0.1305 |
AUD |
0.6057 |
0.6140 |
GBP |
1.1676 |
1.1497 |
BRL |
0.1860 |
0.1851 |
Next information:Annual General Meeting of
Shareholders: May 7th, 20242024 half year results: July 25th, 2024
(before market) |
Key Figures for JCDecaux
- 2023 revenue: €3,570.0m(a)
- N°1 Out-of-Home Media company
worldwide
- A daily audience of 850 million
people in more than 80 countries
- 1,056,833 advertising panels
worldwide
- Present in 3,918 cities with more
than 10,000 inhabitants
- 11,650 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 (3.4/5), CDP (A),
MSCI (AAA), Sustainalytics (13.7), and has achieved Gold Medal
status from EcoVadis
- 1st Out-of-Home Media company to
join the RE100
- Leader in self-service bike rental
scheme: pioneer in eco-friendly mobility
- N°1 worldwide in street furniture
(630,196 advertising panels)
- N°1 worldwide in transport
advertising with 153 airports and 258 contracts in
metros, buses, trains and tramways (319,081 advertising
panels)
- N°1 in Europe for billboards
(85,743 advertising panels worldwide)
- N°1 in outdoor advertising in
Europe (708,620 advertising panels)
- N°1 in outdoor advertising in
Asia-Pacific (165,292 advertising panels)
- N°1 in outdoor advertising in Latin
America (91,682 advertising panels)
- N°1 in outdoor advertising in
Africa (25,337 advertising panels)
- N°1 in outdoor advertising in the
Middle East (21,300 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 universal registration document
registered in France with the French Autorité des Marchés
Financiers.Investors and holders of shares of the Company may
obtain copy of such universal registration document 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
79 10 – albert.asseraf@jcdecaux.com
Investor
Relations: Rémi Grisard+33 (0) 1 30 79 79
93 – remi.grisard@jcdecaux.com
- 02-05-24 JCDecaux Q1 2024_ENG
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