JCDecaux SA : Quarterly Trading Update
November 06 2014 - 11:40AM
Business Wire
- Third quarter adjusted revenues up
6.0% to €669.3m
- Third quarter adjusted organic
revenues up 3.9%
- Organic revenue for Q4 expected to
be up low-single digit
- Organic revenue for FY14 expected to
be up slightly above 3.0%
Regulatory News :
JCDecaux SA (Paris:DEC) (Euronext Paris: DEC), the number
one outdoor advertising company worldwide, announced today its
revenues for the nine months ended 30 September 2014.
Following the adoption of IFRS 11 from January 1st, 2014, the
data presented below is adjusted to include our prorata share in
companies under joint control, and therefore is comparable with
historical data. Please refer to the paragraph “Adjusted data” on
page 2 of this release for the definition of adjusted data and
reconciliation with IFRS.
Adjusted revenues for the third quarter increased by 6.0% to
€669.3 million compared to €631.6 million in Q3 2013. Excluding the
positive impact from both foreign exchange variations and changes
in perimeter, adjusted revenues grew by 3.9%.Adjusted advertising
revenues, excluding revenues related to sale, rental and
maintenance, increased by 3.8% on an organic basis in the third
quarter of 2014.
Q3 adjusted revenues 2014 (€m) 2013
(€m) Reported growth Organic
growth(a) Street Furniture 288.8 267.8
+7.8% +3.2% Transport 271.7 254.2
+6.9% +7.0% Billboard 108.8 109.6
-0.7% -1.4%
Total 669.3
631.6 +6.0% +3.9%
a. Excluding acquisitions/divestitures and the impact of foreign
exchange
9-month adjusted revenues 2014 (€m)
2013 (€m) Reported growth Organic
growth(a) Street Furniture 886.4 834.2
+6.3% +4.2% Transport 754.8 719.1
+5.0% +7.1% Billboard 332.9 341.8
-2.6% -3.3%
Total 1,974.1
1,895.1 +4.2% +3.9%
a. Excluding acquisitions/divestitures and the impact of foreign
exchange
Please note that the geographic comments below refer to organic
revenue growth.
Street Furniture
Third quarter adjusted revenues increased by 7.8% to €288.8
million (+3.2% on an organic basis). Europe (including France and
the UK) was up whilst Asia-Pacific and North America were down. The
Rest of the World saw strong growth across most markets.Third
quarter adjusted advertising revenues, excluding revenues related
to sale, rental and maintenance were up 3.7% on an organic basis
compared to the third quarter of 2013.
Transport
Transport adjusted revenues increased by 6.9% to €271.7 million
(+7.0% on an organic basis) during the third quarter. Europe
(including France and the UK) was slightly up. North America was
down. Asia-Pacific continued to deliver good growth with China
being notably strong. The Rest of the World was strong in most
markets.
Billboard
Adjusted revenues during the third quarter fell by 0.7% to
€108.8 million (-1.4% on an organic basis). Europe (including
France and the UK) was down. The Rest of the World was marginally
down. In Russia the revenue decline is now less than the panel
decline following the dismantling of billboards in Moscow, implying
a slight improvement in advertising rates despite more difficult
market conditions. Finally, in Chicago, the roll out of our premium
digital billboard network is slower than expected with 15 faces now
in operation (out of a planned 60 total). That being said,
advertising rates are strong reflecting the high quality of our
offer which is second to none in the third largest city in North
America.
Commenting on the third quarter revenues, Jean-Charles
Decaux, Chairman of the Executive Board and Co-Chief Executive
Officer of JCDecaux, said:
“Q3 organic revenue growth of 3.9% is in line with our
expectations and reflects the good performance of our Street
Furniture business in Europe and Latin America, together with the
strength of our Transport business in fast growing markets
including China. This was partly offset by a slight decline in our
Billboard business. Digital transformation, which continues to be a
strong driver for our Transport segment, is now starting to have a
positive impact on our Street Furniture business. Our recent
contract renewals in Cologne and Stockholm both have a digital
component providing advertisers with enhanced advertising
solutions.
Bearing in mind the limited visibility and continued volatility
in most markets, together with a challenging comparable from
Europe, a recent deterioration in macro data points as well as some
on-going geo-political tensions, we expect Q4 organic revenue
growth to be up low single digit, leaving the full year slightly
above 3.0%.
Looking forward, we remain convinced that out-of-home retains
its strength and attractiveness in an increasingly fragmented media
landscape. With our accelerating exposure to fast growing markets,
our growing digital portfolio, 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 advertising market and increase
our leadership position in the outdoor advertising industry through
profitable market share gains. The strength of our balance sheet
remains a key competitive advantage that will allow us to pursue
further external growth opportunities as they arise.”
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 to monitor the activity, allocate resources
and measure performance.Consequently, pursuant to IFRS 8, Segment
Reporting presented in the financial statements shall comply with
the Group’s internal information, and the Group’s external
financial communication will therefore rely on this operating
financial information. Financial information and comments will
therefore be based on "adjusted" data, consistent with historical
data, which will be reconciled with IFRS financial statements.In Q3
2014, the impact of IFRS 11 on adjusted revenues was -€81.6 million
(-€82.2 million in Q3 2013), leaving IFRS revenues at €587.7
million (€549.4 million in Q3 2013).For the 9 nine months of 2014,
the impact of IFRS 11 on adjusted revenues was -€235.3 million
(-€238.1 million for the first 9 months of 2013), leaving IFRS
revenues at €1,738.8 million (€1,657.0 million for the first 9
months of 2013).
Next information:Q4 2014 revenues:
27 January 2015 (after market)
Key Figures for the Group
- 2013 revenues: €2,676m ; H1 2014:
€1,305m
- JCDecaux is listed on the Eurolist of
Euronext Paris and is part of the Euronext 100 index
- No.1 worldwide in street furniture
(480,400 advertising panels)
- No.1 worldwide in transport advertising
with more than 145 airports and more than 276 contracts in metros,
buses, trains and tramways (379,000 advertising panels)
- No.1 in Europe for billboards (191,000
advertising panels)
- No.1 in outdoor advertising in the
Asia-Pacific region (211,400 advertising panels)
- No.1 in outdoor advertising in Latin
America (30,000 advertising panels)
- No.1 worldwide for self-service bicycle
hire
- 1,082,400 advertising panels in more
than 60 countries
- Present in 3,700 cities with more than
10,000 inhabitants
- 11,900 employees
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.
JCDecaux SACommunications Department:Agathe
Albertini, +33 (0) 1 30 79 34
99agathe.albertini@jcdecaux.frorInvestor Relations:Nicolas
Buron, +33 (0) 1 30 79 79 93nicolas.buron@jcdecaux.fr
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